Read: UK Infrastructure Bank opens for business

Launched today at its headquarters in Leeds, the UK Infrastructure Bank will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK.

First announced by the Chancellor alongside the Spending Review, the Bank will help to finance important projects in every region and nation of the UK in sectors including clean energy, transport, digital, water and waste.

The Chancellor of the Exchequer, Rishi Sunak said: “Opening its doors today, the UK Infrastructure Bank will accelerate our ambitions for tackling climate change and levelling up, while creating new opportunities across the UK as part of our Plan for Jobs.

Through the Bank, we are investing billions of pounds in world class infrastructure that will support people, businesses and communities in every corner of the UK.”

The UK Infrastructure Bank will have an initial £12 billion of capital to deploy and will be able to issue £10 billion of government guarantees, helping to unlock more than £40 billion of overall investment.

Working in partnership with local government and the private sector, the Bank will harness investment tailored to the needs of specific infrastructure projects, offering a range of financing tools including debt, equity, and guarantees.

The Chancellor Rishi Sunak today marked the Bank’s opening with a visit to its new office in Leeds, where he met senior leadership including the Bank’s Chair, Chris Grigg, and hosted a roundtable with local infrastructure and business leaders.

The Chair of the UK Infrastructure Bank, Chris Grigg, said: “The new UK Infrastructure Bank is open for business. I am delighted to be leading this institution, which will be a catalyst for investment to support regional economic growth and net zero ambitions. I look forward to building strong partnerships with project sponsors, institutions and local leaders.”

Sir Roger Marsh OBE DL, Chair Leeds City Region Enterprise Partnership & NP11 said: “Locating this powerful national institution in our region will be a real catalyst for change and a major driver of our post-pandemic recovery. It will build on our long-term commitment to ensuring that the benefits of economic growth are felt by all of our communities.

“This landmark decision is testament to the strength of our financial and professional services sector and will ensure a strong and successful long-term economic outlook for the city region, the North and the UK. It will act as a catalyst to inspire economic growth and business confidence at a time when it is needed most and it is pleasing that it will be operating from Leeds.

The move also signifies a new page in the relationship between the government and cities and regions across the North, where we work in partnership to unlock economic potential and deliver on the ambitions for levelling-up all parts of the country.”

As part of its opening today, the Bank published a framework document which sets out its relationship with government.

Infrastructure for opportunity is one of 14 Levelling Up Goals launched earlier this year to set out clear objectives for the UK's Levelling Up challenge in the wake of Covid19.