Thread: Brexit (Old)
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Old 03-09-2018, 20:11   #1122
1andrew1
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Re: Brexit Discussion (Follow First Post Rules!)
Quote:
Originally Posted by Chris View Post
The EIB also lends a ton of cash to projects already outside the EU. (10% of the total value of current loans, in fact). It is also operationally independent of the European Commission and is looking for a post-Brexit relationship with the UK. Nice try, but no cigar.
I think there's a bit of wishful thinking going on here but I'd love you to be right. Post-Brexit vote, the EIB is actually slashing its funding to the UK and this shows no sign of changing.
Quote:
New lending to Britain by the European Investment Bank fell almost two-thirds last year as uncertainties over Brexit made applicants wary and the bank imposed extra precautions.
The Luxembourg-based EIB’s new contracts with the UK totalled £1.89bn last year, down from £5.54bn in 2016. Just one-fifth of last year’s total — £377m — came in the nine months after the British government triggered the Article 50 process to leave the EU.
And yes, it does invest in the UK's regions:
Quote:
Deals signed last year included projects for water in Wales and gas in Northern Ireland, as well as two regional business investment funds.
https://www.ft.com/content/1d08aa82-...2-d7d59aace167
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