Brexit and the European Investment Bank
Between September and November 2018 the House of Lords EU Financial Affairs Sub-Committee held a series of evidence sessions as part of its inquiry ‘Brexit: the European Investment Bank’.
In January 2019 the inquiry's report was published, with the summary stating:
Brexit means that the UK will no longer be a member of the EIB. The EU Treaties restrict EIB membership to EU Member States, meaning that any future cooperation with the EIB will almost certainly be on the basis of the UK being a third country.
Losing access to the EIB will have negative consequences for the financing of UK infrastructure. Not only does the EIB offer cheaper and longer-term loans than commercial lenders, but the quality of its independent expertise and due diligence also provides projects with a stamp of approval that crowds in additional private investment.
The report called on UK Government to consider establishing a UK infrastructure bank.
On 30th March 2019 the Government responded saying that the Political Declaration states an intention to explore options for a future relationship with the EIB Group and this will form part of the wider negotiations on the future UK-EU relationship, when they begin.
Link to session held on Wednesday 17 October 2018 https://parliamentlive.tv/Event/Index...
Link to session held on Wednesday 24 October 2018 https://parliamentlive.tv/Event/Index...
Report Brexit: the European Investment Bank https://publications.parliament.uk/pa...
Government response: Brexit: the European Investment Bank https://www.parliament.uk/documents/l...
This video was first published on Facebook, 16 September 2019 / 400483507278817