European Union: Regeneration Funding

Baroness Kramer Excerpts

Thursday 21st July 2016 Lords Chamber

[Lord Ashton of Hyde]

My Lords, I would not presume to educate anyone in this House, and certainly not my noble friend. I do not think it is a useful expenditure of time to rerun the arguments on the referendum debate.

[Baroness Kramer (LD)]

My Lords, in 2015, the European Investment Bank provided financing of €7.8 billion for infrastructure in the UK. As the Minister will know, that was long-term, patient money for which there is no alternative source. Can he give a guarantee to our local authorities that the UK will continue to participate in the European Investment Bank, or will they need to begin cancelling the various projects in development that require future EIB funding?

[Lord Ashton of Hyde]

My Lords, I have already said that we will provide clarity. However, these are complicated decisions. We have not announced them yet but we will do so shortly.