Gov PR: National Investment Bank Will Be a Force for Good, Democratization

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Tom Levy
Prime Minister and First Lord of the Treasury
Prime Minister and First Lord of the Treasury
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Gov PR: National Investment Bank Will Be a Force for Good, Democratization

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The Rt. Hon. Tom Levy
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National Investment Bank Will Be a Force for Good, Democratization

The Labour Government have met another of their 2015 manifesto commitments with the introduction of the National Investment Bill of 2016 which establishes a landmark Investment Bank. This bank will, once fully capitalized, have lending power of more than £250 billion pounds which will be used to spur economic and social development across the country, especially through the promotion of small- and medium-sized businesses, and through the financing of social and environmental programmes that will "improve living standards" across the UK. Prime Minister Tom Levy said of the bank that "this is a revolutionary project which will change the face of capital in Britain. The British Investment Bank is truly that -- a bank which is tasked with investing in the British people."

The BIB is given a broad remit to engage in financial investments. In particular, it has been tasked specifically with investing in small businesses and other projects where traditional capital markets have failed to provide sufficient financing for projects. "At our most recent convention, I spoke to our partners in the Co-Operative Party and what stood out to me was that there is a real demand for workers cooperatives across the country, but they are being failed by capital markets who, for one reason or another, are afraid of investing in them," said Levy. "This is just one of the major areas wherein the BIB will make a real, noticeable change: by empowering workers to take over the factory and increase democracy in the workplace."

Additionally, the BIB is tasked with reducing regional inequality in the UK. Levy said that "Scotland, Wales, Cornwall, the North, and Northern Ireland will all benefit from this BIB massively. Traditional capital has been hesitant to make major investments outside of the city of London, but it is this government's core belief that the intrepid spirit of the British people is as strong in the Highlands as it is in the mountains of Wales, as it is on the streets of London. The BIB will use its considerable capital to invest in those regions which, hitherto, have been underserved by traditional loans. These regions of the country can expect to see millions of pounds flooding into their economies in short order: new businesses being established on the high streets, new work opportunities in your own towns, new social development. Our goal through the BIB is to make every region in Britain an economically viable, vibrant place to live."

The BIB, a manifesto promise realized, is a major investment in Britain's towns, regions, and workplaces. Prime Minister Tom Levy said that he was "incredibly proud of what we are accomplishing here," and that he "looks forward to seeing it pay dividends in quality of life, social development, and democratization in traditionally under-funded communities."

ENDS
Rt. Hon. Tom Levy
Prime Minister and First Lord of the Treasury
MP for Manchester Gorton


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