UK Infrastructure Bank Bill [Lords]

Nigel Evans Excerpts

Report stage
Wednesday 1st February 2023 Commons Chamber

[Richard Foord (Tiverton and Honiton) (LD)]

I beg to move, That the clause be read a Second time.

[Mr Deputy Speaker (Mr Nigel Evans)]

With this it will be convenient to discuss the following:

New clause 2—Businesses and bodies the Bank invests in—

“(1) The Bank must publish an annual report setting out—

(a) the geographical spread of businesses and bodies it invests in, and

(b) the ownership of the businesses and bodies it invests in.

(2) The Bank must prepare and publish a ‘Good Jobs’ plan for all businesses and bodies it invests in, which requires the business or body to improve productivity, pay, jobs and living standards.”

This new clause would ensure that the Bank considers the location and ownership of the businesses and bodies it invests in and only invests in businesses and bodies who create “Good Jobs” plans to improve productivity, pay, jobs and living standards.

Amendment 5, in clause 2, page 1, line 14, at end insert—

“(i) to reduce economic inequalities within and between regions of the United Kingdom, and

(ii) to improve productivity, pay, jobs and living standards.

(c) to support supply chain resilience and the United Kingdom’s industrial strategy.”

This amendment would ensure that the Bank’s objective to support regional and local economic growth includes reducing economic inequalities within and between regions and improving productivity, pay, jobs, and living standards. It would also create a third objective for the Bank to support supply chain resilience and the UK’s industrial strategy.

Amendment 3, page 1, line 14, at end insert, “, and

(c) to improve water quality in the UK.”

This amendment would add improving water quality in the UK to the Bank’s objectives.

Amendment 4, page 1, line 22, at end insert—

“(4A) The Bank may only provide any of the support listed in subsection (4) to water companies if they have produced a costed, time limited plan demonstrating they are committed to preventing discharge.”

This amendment would require water companies to have a costed, time limited plan, demonstrating they are committed to preventing discharges before they can receive investment from the UKIB.

Amendment 2, page 2, line 9, leave out “consult” and insert—

“gain the express consent of”.

This amendment would require the Treasury to gain the express consent of the appropriate national authority before making provision in regulations under subsection (6).

Government amendment 1.

[Richard Foord]

I rise to speak to new clause 1 and amendments 3 and 4.

I welcome the UK Infrastructure Bank Bill. We previously had a Green Investment Bank, founded by the Liberal Democrats in government. It was short-sighted for the Government to sell it off, especially as it made £144 million in profit for its Australian owners last year. Nevertheless, the Liberal Democrats are glad to see steps finally being taken to put the replacement UK Infrastructure Bank on a statutory footing.

Liberal Democrat new clause 1, in the name of my hon. Friend the Member for Richmond Park (Sarah Olney), seeks to ensure that this new UK Infrastructure Bank will remain in operation until the Government’s net zero and environmental commitments have been met.

I hope to see this new bank change investment in green infrastructure for the better, and this brings me to the two amendments—amendments 3 and 4—tabled in my name and those of Liberal Democrat colleagues. They seek to ensure that water companies set out costed, time-limited plans to deal with discharges before they can get funding through the bank. This is important because communities across the UK are currently being impacted by the actions of some negligent and wayward water companies. For years, we have seen these firms failing to invest in our vital infrastructure, but instead prioritising shareholder payouts and bumper bonuses for chief executive officers. It is shocking that this practice has been allowed to continue, and that the Government have resisted several attempts by the Liberal Democrats to clamp down on these sewage spills.

South West Water, which covers my patch in Devon, was awarded a one-star rating by the Environment Agency after having been found to have discharged sewage into rivers and lakes and on to our beaches over 42,000 times. This represents more than 350,000 hours of dumping, including at our prestigious blue flag beaches. Three of the 10 most affected beaches are in Devon. And what was the reaction at South West Water? It gave the chief executive a bonus of more than £1 million.