UK Infrastructure Bank Bill [Lords]

(Limited Text - Ministerial Extracts only)

Consideration of Lords message
Wednesday 22nd March 2023 Commons Chamber

[The Economic Secretary to the Treasury (Andrew Griffith)]

I beg to move, That this House agrees with Lords amendment 3B.

The Lords proposed amendment 3B in lieu of Commons amendment 3. As the UK Infrastructure Bank Bill reaches the final stage of its passage, I am pleased that it will also include nature-based solutions explicitly.

Members will recall that in previous debates I noted that nature-based solutions were already included in the inclusive definition of infrastructure, and as such we did not think it necessary to add them explicitly to the Bill. The Government have, however, reflected on that position and we recognise the strength of feeling on the matter across both Houses. I am therefore pleased to say that we support the Lords amendment in lieu, and I hope that colleagues across this House will do so, too. We think that the amendment strikes a careful balance, making it clear that nature-based solutions are within the bank’s remit without being overly prescriptive and limiting the bank’s opportunity to invest.

I thank hon. Members for their contributions to this Bill. I am pleased that, on such an important Bill, we have reached consensus. UKIB has transformative potential, which I know is recognised and supported on all sides of the House, and the changes made to the Bill show how effective Parliament is in scrutinising legislation. This Bill is the final stage in establishing the bank as a long-lasting institution, establishing in statute its key objectives of tackling climate change and supporting regional and local economic growth.

[Madam Deputy Speaker (Dame Eleanor Laing)]

The question is that this House agrees with the Lords in their amendment 3B. I am going very slowly in case anybody appears on the Opposition Front Bench—or, indeed, in case anybody currently on the Opposition Front Bench wishes to address the matter. No? Then we will move to the SNP spokesman.

--- Later in debate ---

[Ruth Cadbury (Brentford and Isleworth) (Lab)]

On behalf of the Opposition, I would like to say that we support this amendment. As other speakers have said, it improves on the text of the Bill, so we are happy to support it.

[Andrew Griffith]

I thank the hon. Member for Brentford and Isleworth (Ruth Cadbury) for the Opposition’s support. Indeed, the Bill has been characterised by support from across the House for this important institution, which, I remind the House, is already up and running. Today, I am pleased to say, we are putting it on a statutory footing.

I have heard the comments made by the right hon. Member for Dundee East (Stewart Hosie), as well as by my good and hon. Friend the Member for North East Bedfordshire (Richard Fuller), who helped to pilot the Bill through its early stages. I will make the point that my hon. Friend expected me to make: the language in the Bill is inclusive rather than exclusive. His point is well made and understood.

On behalf of this House, we wish the institution well as we put it on a statutory footing. We in this House all look forward to hearing how it fulfils its objectives of levelling up and adding to the transition to net zero.

Lords amendment 3B agreed to.