New public sector lenders created by the government since Brexit are investing two-thirds less than the UK was receiving from the EU’s European Investment Bank, a new report finds.
The thinktank UK in a Changing Europe has compared its record with the work of new Treasury-backed institutions including the UKThe EIB invested an average of £6.4bn in the UK between 2009 and 2016 in real terms, peaking at £7.5bn in 2016 – the year of theBy contrast, the successor institutions created by the government, including the Leeds-based UK Infrastructure Bank , invested £2.4bn in 2022 – a third as much as the EIB was spending six years earlier.
The new institutions – which include the Scottish National Investment Bank, the Development Bank of Wales and the British Business Bank – also appear to be less focused on infrastructure projects than the EIB.