{"id":601141,"date":"2023-01-25T02:05:00","date_gmt":"2023-01-25T08:05:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/25\/watchdog-blasts-rushed-uk-infrastructure-bank\/"},"modified":"2023-01-25T02:05:00","modified_gmt":"2023-01-25T08:05:00","slug":"watchdog-blasts-rushed-uk-infrastructure-bank","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/25\/watchdog-blasts-rushed-uk-infrastructure-bank\/","title":{"rendered":"Watchdog blasts \u201crushed\u201d UK Infrastructure Bank"},"content":{"rendered":"
\n

The UKIB was launched in 2021 to \u201cpartner with the private sector and local government to increase infrastructure investment.\u201d<\/p>\n

The report released today said it was \u201ccreated in a rush at Ministers\u2019 insistence, which meant it operated with weak financial governance and very close to the Treasury for its first year.<\/p>\n

\n

<\/a><\/p>\n<\/div>\n

\u201cThe significant risk of begin operating without an effective audit and risk committee and outside the UK\u2019s Corporate Governance code had to be counterbalanced by choosing low risk early deals, approved through Treasury processes.\u201d<\/p>\n

The bank has so far deployed \u00a31bn of its initial \u00a322bn capital in 10 deals.<\/p>\n

The financing has gone into broadband and solar farms scheme which the report said are \u201cboth relatively common projects\u201d.<\/p>\n

\n

<\/a><\/p>\n<\/div>\n

Dame Meg Hillier MP Chair of the Public Accounts Committee said: \u201cThe UKIB was set up in haste to shore up Government\u2019s stalled promises on Net Zero and levelling up, as we lost \u00a35bn a year of European infrastructure funding to Brexit.<\/p>\n

\u201cIt\u2019s really not clear what the UKIB is doing that the market wasn\u2019t already, or would be doing with better functioning tax incentives \u2013 as just one example.<\/p>\n

\u201cThe Treasury didn\u2019t need to reinvent this particular wheel, with all the attendant risk to benefit, value and taxpayers\u2019 money.<\/p>\n

\n

<\/a><\/p>\n<\/div>\n

\u201cThe predecessor Green Investment Bank was also sold to the public as an \u2018enduring institution\u2019 and then sold off to the Australian private sector five years later.<\/p>\n

\u201cIt\u2019s now turning bumper profits. We need more assurance from Government that lessons learned are being implemented and the catalogue of policy and spending errors we\u2019ve seen will not be repeated.\u201d<\/p>\n

\n

<\/a><\/p>\n<\/div>\n

\n

<\/a><\/p>\n<\/div><\/div>\n

Read More<\/a>
\n Grant Prior<\/p>\n","protected":false},"excerpt":{"rendered":"

The UKIB was launched in 2021 to \u201cpartner with the private sector and local government to increase infrastructure investment.\u201d The report released today said it was \u201ccreated in a rush at Ministers\u2019 insistence, which meant it operated with weak financial governance and very close to the Treasury for its first year. \u201cThe significant risk of […]<\/p>\n","protected":false},"author":1,"featured_media":601142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105,534,1180],"tags":[],"class_list":{"0":"post-601141","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-blasts","8":"category-financial","9":"category-watchdog"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/601141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=601141"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/601141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/601142"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=601141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=601141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=601141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}