Leaving Europe will lose millions in investment for London


Caroline Pidgeon today warned that London’s access to cheap finance for transport and vital infrastructure projects would be undermined if the UK left the European Union as is being advocated by her Conservative opponent Zac Goldsmith and  Boris Johnson.

London_INtogether.jpgResearch undertaken by the London Liberal Democrats has shown that over the last decade the European Investment Bank has provided more than £7.3 billion investment across all parts of London, including £6.1 billion in London’s transport infrastructure, including Crossrail, transforming Tube stations at Bank and Victoria, New Eurostar trains, Thameslink the East London Line upgrades, extensions to the DLR and cycle super highways

The European Investment Bank is also currently finalising £240 million support for University College London to upgrade research in Bloomsbury and build a new campus in Stratford – the EIB’s largest ever university loan in Europe.

Caroline Pidgeon today warned that London’s access to cheap finance for transport and vital infrastructure projects would be undermined if the UK left the European Union as is being advocated by her Conservative opponent Zac Goldsmith and  Boris Johnson.

Highlighting the huge role that the European Investment Bank provides in delivering the cheapest form of borrowing for much needed infrastructure projects across the whole of London, Caroline Pidgeon said:

“The European Investment Bank has delivered huge benefits to London providing the lowest possible finance costs in the world for infrastructure projects, stretching from Crossrail and Tube upgrades, through to improvement to schools and new university facilities.

“The harsh reality is that the policy of Zac Goldsmith and Boris Johnson of withdrawing from the EU will lead to London increasingly being denied access to lending from the European Investment Bank.

“It is time that those obsessed with withdrawing from the EU woke up and realised that such a policy will undermine critical investment in London’s infrastructure and cost us more.”


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