Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 23 July to Question 165011 on European Investment Bank, what plans he has to replicate the functions of the European Investment Bank in the event that the UK loses access to that bank after the UK leaves the EU.

The European Investment Bank, and its offshoot, the European Investment Fund, provide financing for infrastructure investment and growth businesses.

The UK continues to consider it may be in the mutual interest of all sides for the UK to maintain some form of ongoing relationship with the EIB Group after leaving the EU. We will explore these options with the EU as part of the negotiations on the future relationship.

And as the Chancellor said in his Mansion House speech last year, if we do not maintain our relationship with the EIB group, we will be prepared. The government has already taken steps to increase support for infrastructure finance and high-growth businesses, and we will keep that support under review as negotiations progress.

At Autumn Budget 2017 the Chancellor launched the Charging Infrastructure Investment Fund to support the transition to zero emission vehicles, and the British Business Bank was allowed to bring forward some of the £400 million additional investment announced at the 2016 Autumn Statement.