Institution of Civil Engineers (ICE) responds to the Chancellor’s Spring Statement 2019
Chris Richards, ICE Head of Policy and Public Affairs, said:
“The Chancellor is right to consult on a range of options for safeguarding investment in infrastructure, including replacing the potential loss of UK access to European Investment Bank (EIB) finance, following Brexit. ICE outlined the urgent need to look at contingencies for this financing in our State of the Nation report last year.
“Publicly-owned investment institutions, like the EIB, play an important role in plugging finance gaps left by the private markets, providing anchor investment to more innovative projects and those with higher risk profiles. To ensure long-term infrastructure investment is sustained across key networks, this consultation must result in a future model that maintains the effects of the EIB. This includes its key role in crowding-in additional finance from other investors.
"Whatever Britain's future trading arrangements, key infrastructure networks will still be relied on to connect businesses and people, raise living standards and drive economic growth. Investment in these networks must be sustained.”