Overview

This bill is a minor amendment to the UK Infrastructure Bank Bill. It focuses on refining the Bank's investment mandate, specifically concerning its involvement in projects related to the circular economy. The amendment removes a specific mention of "structures underpinning the circular economy" from the list of eligible infrastructure projects the Bank can invest in.

Description

The amendment concerns Clause 2 of the UK Infrastructure Bank Bill. The House of Commons initially proposed an amendment (Amendment 3) that would have kept the reference to "structures underpinning the circular economy" within the Bank's investment remit. However, the House of Lords disagreed with this amendment. Instead, the Lords proposed Amendment 3B which removes the phrase "structures underpinning the circular economy, and" from Clause 2. This effectively narrows the range of projects the UK Infrastructure Bank can fund. This means the Bank's investment scope will now exclude explicitly those infrastructure projects primarily supporting the circular economy.

Government Spending

This amendment is not expected to directly impact government spending. The bill itself does not allocate any new funds, but rather refines the criteria by which existing funds may be allocated by the UK Infrastructure Bank. The potential indirect effect is limited to possible shifts in the types of infrastructure projects funded.

Groups Affected

Groups involved in the circular economy, such as waste management companies and those involved in recycling infrastructure projects, may experience a negative impact as investment from the UK Infrastructure Bank will no longer explicitly include projects supporting the circular economy. However, there might be no significant changes depending on broader definitions used by the bank to evaluate future projects. The UK Infrastructure Bank and those involved in evaluating and deciding where the Bank’s funds are invested will be directly affected by the changed legislation.

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