David Cameron is just one voice on a busy EU referendum campaign trail today CREDIT: REUTERS
* Michael Wilkinson Sophie Jamieson
14 MAY 2016 • 10:00AM
David Cameron warns of loss of infrastructure investment if UK leaves the EU
The Prime Minister has claimed that the UK would lose billions of pounds a year in infrastructure investment if the country votes to leave the EU.
The money in question comes from the European Investment Bank (EIB), the EU's bank, which lends money to member states for projects .
David Cameron has warned that departing the EU would mean Britain would no longer be a member of the EIB. The bank has invested over £16bn in projects in the UK over the past three years.
In 2015, a quarter of the British projects the EIB invested in were energy-related. Transport accounted for 22pc, water 21pc and health and education jointly 20pc.
On Thursday the EIB announced a £700m loan to help finance the so-called 'super sewer', the Thames Tideway Tunnel.
The bank has also backed schools and universities, including a £200m loan to the University of Oxford to fund new research and teaching facilities.
The biggest beneficiary of the EIB in the UK has been London in the last two years, but money has invested across the country, with the Midlands and Scotland second and third respectively in terms of funding received.
Mr Cameron said losing EIB funding would have a "devastating impact on future infrastructure" and could affect competitiveness for British businesses.
He said: "Vital projects across every region of the UK have been financed by the EIB. These make a huge difference locally, nationally, and sometimes globally - from the purchase of 65 new Super Express Trains for the East Coast Main Line; to investment in development of emission control technologies in Hertfordshire; to extension of the M8 motorway between Edinburgh and Glasgow; to the expansion of Oxford University’s research and teaching facilities.
“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.
“Infrastructure affects the competitiveness of every business and the prosperity of every family in the country – but a leave vote on 23rd June risks putting the brakes on the infrastructure investment we need and shifting our economy into reverse.”
