European Investment Bank Debate
Full Debate: Read Full DebateDepartment: Department for International Development
Lord Beith
Main Page: Lord Beith (Liberal Democrat - Life peer)Department Debates - View all Lord Beith's debates with the Department for International Development
(7 years, 1 month ago)
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Lord Bates
The UK is a major shareholder of the EIB, with 16.1%. We do well out of the arrangement, which is one reason why we have an interest in the relationship continuing. However, it is not the only mechanism. We have set up the UK Guarantees Scheme, a £40 billion-fund that could be available for infrastructure projects, and we are committed to moving forward in that spirit.
Lord Beith (LD)
My Lords, the Minister will be well aware of the need for this kind of investment in small, high-technology business in the north-east. Will he make a personal effort to ensure that any remaining difference between the EIB and the Treasury over the kind of assurances that need to be given will be resolved, and that the Treasury’s attitude will reflect the urgency, given that the north-east does not have the northern powerhouse funds that other regions do?
Lord Bates
That is right. In fact, the Chancellor of the Exchequer met the chair of the north-east local enterprise partnership on his visit to Gateshead on 22 September. As a governor of the bank, he has been at the forefront, advocating a speeding up in recognising the equal rights of UK borrowers, which must be respected and must continue.