Liberal Democrat shadow chancellor Vince Cable announced his support of an infrastructure investment bank in his keynote speech at an ICE event Building a Low Carbon Future, at the Liberal Democrat party conference in Bournemouth last week.
Cable also backed investment in infrastructure, particularly green technologies, to strengthen the economy in the future. Cable also asked to work with ICE on developing proposals.
“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.”
Vince Cable, Lib Dem shadow chancellor
Speaking to the ICE-backed All-Party Parliamentary Group on Infrastructure, Cable said: “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 and telecommunications infrastructure.
“Bank finance and the stock markets 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 US president Obama’s Investment Bank which can bring together private capital and professional management under government sponsorship,” he said.
- Details of ICE proposals for an infrastructure investment bank are available online at http://www.ice.org.uk/downloads//niibpbp(2).pdf