Philip Hammond bids to reassure City over investment funding in run-up to Brexit
GETTY Chancellor Philip Hammond will seek to reassure businesses over Brexit fears
In his annual Mansion House address to City leaders, Mr Hammond will say ministers are in discussion with the European Investment Bank (EIB) to ensure UK projects can access its funds during the remaining period of Britain's EU membership. Current EIB lending to the UK is worth around €48 billion (£42 billion) and has supported projects such as new Intercity and London Underground trains and new tram networks in Manchester and Nottingham.
At the same time he will say that the UK's own financing schemes stand ready to provide additional support and certainty to investors. The British Business Bank (BBB) will extend the limits of its venture capital investment programme to enable it to provide greater levels of investment into individual funds that would otherwise struggle to raise capital.
Things you may not know about Philip Hammond Wed, March 8, 2017 Philip Hammond will deliver his Autumn Statement to MPs at the House of Commons detailing the government's spending and taxation plans today Play slideshow Getty Images 1 of 10 He described the legalisation of same sex marriage as "damaging" for the Conservative Party but also said in time he will come to terms with the change
If necessary, Mr Hammond will say, he is ready to bring forward some of the £400 million in additional investment which he announced in last year's Autumn Statement. The Treasury estimates that in the short-term, up to £80 million could be released, unlocking up to £320 million of total investment in the coming months.
GETTY With Theresa May