Thread by @LordsEUCom

The EU Committee has today published its report on #Brexit and the European Investment Bank @EIB, which the UK will lose access to after it leaves the EU: publications.parliament.uk/pa/ld201719/ld…
Find our main conclusions below 👇1/6

The @EIB has provided almost €50 billion of funding to the UK over the last 10 years, mainly to infrastructure. This has covered a range of different sectors 2/6

But there has been a marked decline in funding from the @EIB since the #Brexit referendum and triggering of Article 50. This has fallen 87% since 2016 3/6

Under the draft #WithdrawalAgreement, the UK will receive its €3.5 billion of paid-in capital – but none of the @EIB’s profits. We regret that the Government failed to provide a cogent explanation for this 4/6

Given that the @EIB will stop supporting UK projects after #Brexit, we are concerned that the Government has said so little about the future relationship. Exploring options for a deep bilateral relationship should be an immediate priority 5/6

Any post-#Brexit relationship with the @EIB will reduce funding for UK infrastructure. We call on the Government to consider creating a UK infrastructure bank, as part of its National Infrastructure Strategy 6/6