Saturday, October 28, 2017

Cable: Chancellor must act to unlock EU Investment Bank funding

Vince Cable has called on the government to urgently take action to ensure UK organisations don't lose out on loans from the European Investment Bank (EIB).

The housing association Stonewater has said it may build around 300 fewer homes, after its application for a £100m loan ground to a halt because the EIB is waiting for assurances from the UK government.

Other projects still waiting for approval by the EIB include a £500m loan to upgrade signalling on the London Underground, a £375m loan to build Bombardier trains, £100m to upgrade a hospital in Hampshire and £60m for economic development in the North East.

Liberal Democrat Vince Cable commented:

 “The European Investment Bank is a vital source of low-cost loans for infrastructure in the UK.

 “But funding to build social housing, upgrade transport links and improve hospitals is all being put on hold because of the deadlock in the Brexit talks.

“The Chancellor must urgently act to ensure the UK can continue to benefit from this vital infrastructure funding.

“All the talk of a no Brexit deal is not helping to resolve this impasse.

“We need clarity from the government over our future role in the European Investment Bank, whether the UK will have its own infrastructure bank and if so how quickly it will get off ground post-Brexit.”

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