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Cable backs infrastructure 'Bank'

Democrat shadow chancellor Vince Cable has backed investment in infrastructure, particularly green technologies, to strengthen the economy in the future at the Liberal Democrat party conference in Bournemouth.

Speaking as keynote speaker for the All-Party Parliamentary Group on Infrastructure fringe event on ‘Building a Low Carbon Future’ Cable backed the ICE’s call for an infrastructure ‘bank’.

“We need a financing mechanism which can meet the investment needs of big long-term projects which will lie at the heart of a green economy: tidal power, high speed rail, carbon capture and storage, telecommunications infrastructure.

“Bank finance and the stock market are, on their own, too short term. Yet there is billions of pounds worth of potential private investment looking for a safe long term return on equity or bonds.

“There are frustrated British small savers looking for a better outlet for their money.

“What is needed is a British version of the European Investment Bank or Obama’s US Investment Bank which can bring together private capital and professional management under government sponsorship,” he said.

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