UK Infrastructure Bank Act 2023
| Jurisdiction | UK Non-devolved |
| Citation | 2023 c. 10 |
| Year | 2023 |
UK Infrastructure Bank Act 2023
2023 Chapter 10
An Act to make provision about the UK Infrastructure Bank.
[23 March 2023]
e it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 The UK Infrastructure Bank
For the purposes of this Act, the UK Infrastructure Bank (“”) is the company registered in England and Wales with the company registration number 06816271.
2 Objectives and activities
(1) The Bank must secure that its articles of association contain a statement of its objects.
(2) The statement must provide that the Bank’s objects are restricted to delivering the Bank’s objectives through the exercise of the Bank’s activities.
(3) The Bank’s objectives are—
(a)
(a) to help tackle climate change, including by supporting efforts to meet the target for 2050 set out in section 1 of the Climate Change Act 2008, and
(b)
(b) to support regional and local economic growth.
(4) The Bank’s activities are—
(a)
(a) providing financial assistance to projects wholly or mainly relating to infrastructure,
(b)
(b) providing loans to public authorities for such projects,
(c)
(c) acting as a centre of expertise and providing advisory and other support services in relation to such projects, and
(d)
(d) any other activities that are incidental or conducive to, or otherwise connected with, anything in paragraphs (a) to (c).
(5) 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.
(6) Infrastructure includes nature-based solutions, technologies and facilities relating to—
(a)
(a) water, electricity, gas, telecommunications, sewerage or other services (including the provision of heat and, in relation to electricity, gas and the provision of heat, energy efficiency),
(b)
(b) railways (including rolling stock), roads or other forms of transport, and
(c)
(c) climate change (including the removal of greenhouse gases from the atmosphere).
(7) The Treasury may by regulations made by statutory instrument amend this section so as to change—
(a)
(a) the Bank’s activities, or
(b)
(b) the meaning of infrastructure.
(8) The Treasury must consult the appropriate national authority before making provision in regulations under subsection (7) that would be within the legislative competence of—
(a)
(a) the Scottish Parliament, if contained in an Act of that Parliament,
(b)
(b) Senedd Cymru, if contained in an Act of the Senedd, or
(c)
(c) the Northern Ireland Assembly, if contained in an Act of that Assembly made without the Secretary of State’s consent,
apart from provision that is merely incidental to, or consequential on, provision which would be outside that competence.
(9) A statutory instrument containing regulations under subsection (7) may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.
3 Strategic priorities and plans
(1) The Treasury must prepare a statement of strategic priorities for the Bank.
(2) The Treasury must comply with subsection (1) within the period of six months beginning with the day on which this Act comes into force.
(3) The Treasury may revise or replace the statement.
(4) The Treasury must lay a copy of the statement, or of any revised or replacement statement, before Parliament.
(5) The Treasury must consult the appropriate national authority about any provision which the Treasury proposes to include in a statement under this section and which concerns a subject matter provision about which would be within the legislative competence of—
(a)
(a) the Scottish Parliament, if contained in an Act of that Parliament,
(b)
(b) Senedd Cymru, if contained in an Act of the Senedd, or
(c)
(c) the Northern Ireland Assembly, if contained in an Act of that Assembly made without the Secretary of State’s consent.
(6) The duty to consult imposed by subsection (5) may be satisfied by consultation carried out before the passing of this Act.
(7) The Bank must secure that its articles of association provide for the Bank—
(a)
(a) to publish and act in accordance with strategic plans which reflect the Treasury’s statement, and
(b)
(b) to update those plans whenever the Treasury revises or replaces its statement.
4 Directions
(1) The Treasury may give a specific or general direction to the Bank about how it is to deliver its objectives.
(2) The Bank must comply with a direction.
(3) The Treasury must—
(a)
(a) consult the Bank’s directors before giving a direction, and
(b)
(b) publish a direction.
5 Financial assistance
(1) The Treasury may provide financial assistance to the Bank for the purpose of helping the Bank in the delivery of its objectives.
(2) The Treasury may arrange for money to be paid out of the National Loans Fund in order to enable loans to be made to the Bank, whether directly or indirectly.
(3) Where a loan from the National Loans Fund...
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