“This shows how serious we are about levelling up the country so that everybody can benefit from our future prosperity.
“Britain’s businesses and the Great British public deserve world-class infrastructure and that is exactly what this new Bank will help us deliver for them.”
The new Bank will offer a range of products, including equity, loans and guarantees, which can be tailored to support the needs of private sector infrastructure projects, in sectors such as renewable energy, carbon capture and storage and transportation.
It will also offer infrastructure loans to mayors and local authorities at low rates to help fund high-quality projects in every region and nation – helping to level up the UK.
It will provide world-class advice and support to help deliver complex infrastructure projects, sources said.. Of the £12billion, £4 billion is set aside for local authority lending and £8 billion for private projects.
In addition, the Bank will be able to issue £10 billion of government guarantees. The Chancellor is also expected to commit a further £375 million to co-invest alongside the private sector in high-growth, innovative UK firms.
The ‘Future Fund: Breakthrough’ scheme will ensure the government continues to support highly innovative companies, such as those working in life sciences, quantum computing, or clean tech, that are aiming to raise at least £20 million of funding.
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