Parliamentary.ai

Overview

This bill concerns a minor amendment to the UK Infrastructure Bank Bill. The House of Lords disagreed with a House of Commons amendment regarding the Bank's investment remit and proposed a revised amendment removing reference to "structures underpinning the circular economy" from the list of eligible investment areas.

Description

The original bill defined the UK Infrastructure Bank's investment scope. The House of Commons sought to include "structures underpinning the circular economy" within this scope. The House of Lords disagreed with this addition and, through Amendment 3B, removed the phrase "structures underpinning the circular economy, and" from the relevant clause. This means the UK Infrastructure Bank will not explicitly have investment in circular economy structures as part of its mandate, narrowing its investment focus in this specific area.

Government Spending

This amendment itself doesn't directly impact government spending. The overall budget of the UK Infrastructure Bank remains unchanged. The removal of this specific investment area might indirectly influence the allocation of funds within the bank's existing budget, but no specific financial figures are provided in this amendment.

Groups Affected

This amendment will primarily impact:

• Businesses involved in the circular economy: They may face reduced investment opportunities from the UK Infrastructure Bank.
• Environmental groups: This change could be seen as a setback for the promotion of sustainable infrastructure and circular economy initiatives.
• The UK Infrastructure Bank itself: Its investment strategy is altered, potentially changing the types of projects it funds.