UK Infrastructure Bank opens for business

The new UK Infrastructure Bank has officially opened for business. The new bank, which is headquartered in Leeds, will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK. 

The establishment of the bank comes in the wake of the pandemic but is expected to result in a long-lasting public institution helping to drive growth across the UK.

The bank is to have an initial financial capacity of £22bn made up of £12bn in capital and £10bn in government guarantees. This is expected to unlock more than £40 billion of overall investment in local government lending and across the private sector. The bank will initially provide funding for the private sector and will start lending to local authorities later in the summer.

HM Treasury and the UK Infrastructure Bank have entered into a Keep Well Agreement to ensure that the Bank has sufficient funds to be able to meet its payment obligations in full as they fall due.

The new Chair of the UK Infrastructure Bank 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.'

Source: HM Treasury Tue, 29 Jun 2021 00:00:00 +0100

Latest articles

Notifying cessation of self-employment

Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be followed if a taxpayer ceases trading as a sole trader or if they are ending or leaving a business

Submitting CIS nil monthly returns

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and should be

Check employment status for tax

The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector.

The service provides HMRC’s view if IR35 legislation

Class 1A payment deadline

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to staff or directors your business is likely to have a