Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what representations the Government is making to ensure that European Investment Bank funds are made available as soon as possible to be disbursed to businesses in the North East through the North East Fund.

The government has been clear that while the UK remains a member of the European Investment Bank, UK projects must be able to access finance from the European Investment Bank (EIB) and its subsidiary the European Investment Fund (EIF).

UK projects in the process of applying for EIB finance have been affected by extra due diligence the bank is applying to all new UK projects. The government has been working closely with the EIB to minimise the delays affecting these projects, including on the North-East Fund.

Recently some progress has been made with UK projects being approved in September at the EIB and EIF boards. The government will now continue to work with the EIB to see that progress applied to the North-East Fund, and all other applications for finance from UK projects, so they can be processed in line with normal EIB procedures.