Engineers call for creation of UK Investment Bank to fund infrastructure post-Brexit

By Hamish Champ2018-06-15T06:00:00

Infrastructure requirements need to be considered in Brexit negotiations, says Institution of Civil Engineers

The Institution of Civil Engineers has called on the government to create a UK investment bank to fund and protect domestic infrastructure projects in the event the country crashes out of the EU next year without a deal.

If Brexit, which is set to become official at the end of March 2019, results in the UK losing access to funds from the European Investment Bank (EIB) it will need a mechanism to support vital infrastructure schemes across the country, ICE said.

The UK borrowed £27bn from the EIB between 2012 and 2016, but financing “fell off a cliff” between 2016 and 2017, slumping by 72%, the institution added.

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