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KPMG comments on announcement of a new National Infrastructure Bank

Head of Energy and Natural Resources at KPMG UK, Simon Virley comments on the announcements in the Budget on the new National Infrastructure Bank

Simon Virley comments on the announcements on the new National Infrastructure Bank

Commenting on the announcements in the Budget on the new National Infrastructure Bank, Simon Virley, Head of Energy and Natural Resources at KPMG UK, said:

 “The focus of the National Infrastructure Bank on Net Zero and the investment being proposed are very welcome, given the transformation we have to bring about in the UK economy to get us on a path to Net Zero.

“However, the NIB must not simply displace private sector capital.  It needs to ‘crowd in’, rather than ‘crowd out’, private lending and investment. That means targeting those parts of the market where there are clear market failures, perhaps because technology is at an early stage, or because of the complexity, or risks involved. 

“There is plenty of private capital available for green investments, where the policy and market frameworks are clear.   The recent seabed auctions for offshore wind are a good example of that.  More clarity on the long-term policy frameworks for other areas, like hydrogen and carbon capture, will help unlock more private sector capital into these key parts of the green economy.”

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For further information please contact:

KPMG Media Relations

Tel:  +44 (0) 207 694 8773

Brian O’Neill

Mobile: 07377590130

Brian.oneill@kpmg.co.uk

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.