European Union: Regeneration Funding

Lord Kinnock Excerpts

Thursday 21st July 2016 Lords Chamber

[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.

[Lord Kinnock (Lab)]

In the interests of education, will the Minister confirm that the money that comes into Britain from the European Investment Bank does not involve one penny or one cent of taxpayers’ money and that it is crucial for the maintenance of the development of universities, housing associations, schools and other essential public projects? Will he confirm that the future of our relationship with the EIB is gravely damaged by the decision to leave the European Union? Will the Minister give me an undertaking that the Government will strive to ensure that, whatever happens with our membership of the EU, we will continue to benefit from EIB funding?

[Lord Ashton of Hyde]

My Lords, the noble Lord will understand that I cannot give that commitment today, but I do take note of what he says and will pass it on. We want to have a productive and long-term relationship with the EU even though we are not going to be a member.