Form National Investment Bank
Labour Manifesto 2017:
Labour will transform how our financial system operates. Following the successful example of Germany and the Nordic countries, we will establish a National Investment Bank that will bring in private capital finance to deliver £250 billion of lending power.
This new public institution will support a network of regional development banks that, unlike giant City of London firms, will be dedicated to supporting inclusive growth in their communities. The banks will deliver the finance that our small businesses, co-operatives and innovative projects need across the whole country.
The National Investment Bank will fill existing gaps in lending by private banks, particularly to small businesses, and by providing patient, long-term finance to R&D-intensive investments. It will also be given the task of helping to deliver our industrial strategy, by prioritising spending in line with its objectives.
Our country and its people have been held back by a lack of investment in the backbone of a modern economy – the infrastructure of transport, communications and energy systems. And when investment has happened, it has been too concentrated in too few places.
Labour will make different choices. We will take advantage of near- record low interest rates to create a National Transformation Fund that will invest £250 billion over ten years in upgrading our economy. We will ensure that the huge potential of every part of our country is met. The next Labour government will rebuild communities ripped apart by globalisation and neglected for years by government. We will rebuild and transform our economy so that it works for the many, not the few.
So we will put in place tight rules to ensure that investment is fairly shared around every region and nation of the UK. We will tear down the barriers that have held too many people back.
A Labour government will complete the HS2 high-speed rail line from London through Birmingham to Leeds and Manchester, and then into Scotland, consulting with (and, where necessary, compensating) communities. We will link HS2 with other rail investments, such as Crossrail of the North tying together our great northern cities) and on to the Durham Freight Centre. We will build a new Brighton Main Line for the South East.
In London, to ensure our capital continues to prosper, we will build Crossrail 2.
To harness the economic potential of new technologies and science, we will complete the Science ale transport arc, from Oxford to Cambridge through Milton Keynes. We will transform our energy systems, investing in new, state- of-the-art low-carbon gas and renewable electricity production.
We will deliver universal superfast broadband availability by 2022. Labour will improve mobile internet coverage and expand provision of free public wi-fi in city centres and on public transport. We will improve 4G coverage and invest to ensure all urban areas, as well as major roads and railways, have uninterrupted 5G coverage. On day one we will instruct the National Infrastructure Commission to report on how to roll out ‘ultrafast’ 300 bps across the within the next decade.