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New UK banks’ post-Brexit investment only one third of lost EU funds


pellinore

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The decline of the UK, economically and on the world stage, is an inevitable consequence of rejecting the free trade agreement we once had with our neighbours and biggest market in favour of trading with countries the other side of the world. Absolute insanity:

The EIB invested an average of £6.4bn in the UK between 2009 and 2016 in real terms, peaking at £7.5bn in 2016 – the year of the Brexit referendum.

By contrast, the successor institutions created by the government, including the Leeds-based UK Infrastructure Bank (UKIB), invested £2.4bn in 2022 – a third as much as the EIB was spending six years earlier.

“It is not clear that the UK’s domestic development banks will be able to fill the hole left by the EIB by the end of the decade. They lack staff and expertise, inhibiting them from scaling up operations quickly,” said the report’s author, Stephen Hunsaker.

“Nor have they achieved the coveted AAA credit rating of the EIB. Consequently, they lend at higher rates, making it more expensive to lend to public-interest projects.”

Exclusive: new UK banks’ post-Brexit investment only one third of lost EU funds | Banking | The Guardian

Edited by pellinore
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