New UK banks’ post-Brexit investment only one third of lost EU funds

The 160-turbine Gwynt y Môr offshore windfarm in Liverpool Bay, off the north Wales coast, was backed with £51m from the EIB. Photograph: Ken Edwards/Alamy

New public sector lenders created by the government since Brexit are investing two-thirds less than the UK was receiving from the EU’s European Investment Bank, a new report finds.

Over more than four decades, the EIB backed UK projects ranging from the Channel tunnel and the Manchester Metrolink to offshore windfarms and upgrading the National Grid.