Umunna – Government cannot allow Brexit to end EIB funding for Britain

The European Investment Bank (EIB) has imposed “an effective moratorium” on lending to Britain, which could deprive the UK of billions of pounds for schools, hospitals and social housing, The Times reports today. 

The EIB financed £6.9bn of public infrastructure projects in Britain last year. The UK will leave the EIB unless it negotiates continued membership after we leave the EU.

Commenting, Chuka Umunna MP, leading supporter of Open Britain, said:

“The loss of vital funding from the European Investment Bank could be one of the most serious consequences of Brexit. Working people will suffer in the long term if schools, hospitals and social housing are deprived of European funding.

“Those who campaigned to leave the EU promised we would have more money to spend after Brexit, not less. It’s becoming increasingly clear that the Brexit the British people were sold may not be deliverable in practice.

“The Government must urgently ensure that funding does not drop off a cliff edge when we leave the EU. Either the UK must continue to be part of the European Investment Bank, or a British alternative should be set up to deliver at least the same levels of funding.”

/ends

Notes to editors:

The Times story is here: https://www.thetimes.co.uk/edition/news/brexit-eu-bank-cuts-off-cash-for-british-building-projects-s2qvc66z2