Cameron warns of Brexit threat to infrastructure spending

Grant Prior 8 years ago
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David Cameron is warning that a vote to leave Europe will put billions of pounds of UK infrastructure investment at risk.

The Prime Minister saidthat an exit from the EU would terminate Britain’s membership  of the European Investment Bank and “put the brakes” on crucial UK infrastructure projects.

The bank has invested more than £16bn in UK projects over the past three years.

Earlier this month the the EIB announced funding of £280m for the expansion of facilities at University College London and a £700m injection of finance for the Thames Tideway Tunnel.

Cameron said: “Vital projects across every region of the UK have been financed by the EIB.

“Not only would leaving the EU see us wave goodbye to this crucial funding – but, with a smaller economy hit by new trading barriers and job losses, it’s unlikely we’d be able to find that money from alternative sources.

“A  leave vote on 23rd June risks putting the brakes on the infrastructure investment we need and shifting our economy into reverse.”

The EIB operates outside of the EU budget and is financially autonomous. The UK – its joint-largest shareholder – is a significant beneficiary.

The UK has more than doubled the volume of investment it receives from the EIB since 2012, and in 2015 EIB lending in the UK totalled a record €7.77bn.

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