Prime Minister targets infrastructure in latest Brexit argument

PM David Cameron has warned that leaving the European Union will put billions of pounds of UK infrastructure investment at risk, writes property developer Richard Carr.

Projects

Richard Carr's thoughts on government Brexit tactics

Brexit

According to the PM, leaving the EU would result in Britain terminating its membership with the European Investment Bank therefore “putting the brakes” on crucial UK infrastructure projects.

Over the past three years the bank has invested over £16bn in UK projects.

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.”

Investment

Earlier this year the EIB announced it would provide £280m worth of funding for the expansion of facilities at University College London, whilst a further £700m worth of finance would be provided for the Thames Tideway Tunnel.

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.

“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 would be able to find that money from alternative sources.

“Infrastructure effects the competiveness of every business and the prosperity of every family in the country, but a leave vote on June 23 risks putting the brakes on the infrastructure investment we need and shifting our economy into reverse.”