New Infrastructure Investment Bank w/GBP12bn Cap, BoE Gets New Policy Remit

Chancellor announces a new infrastructure investment bank to be set up in Leeds, with an initial capitalisation of GBP12bn.

• "[...]I can announce today the first ever UK Infrastructure Bank. Located in Leeds, the Bank will invest across the UK in public and private projects to finance the green industrial revolution. Beginning this spring, it will have an initial capitalisation of [£12bn] and we expect it to support at least [£40bn] of total investment in infrastructure.
• [...] in November I announced we would launch a world-leading Sovereign Green Bond. Today we're going further, announcing a new, retail savings product… …to give all UK savers the chance to support green projects… …"
• "We've also asked Dame Clara Furse to establish a new group to position the City as the global leader for voluntary, high quality carbon offset markets. And underpinning all of this will be an updated monetary policy remit for the Bank of England. It reaffirms their 2% inflation target. But now, it will also reflect the importance of environmental sustainability and the transition to net zero."