Commenting on the Committee of Public Accounts inquiry report on the creation of the UK Infrastructure Bank, Guto Davies, head of policy at the Association for Consultancy and Engineering (ACE) said:

“We welcome the recommendations made by the Committee into the establishment of the UK Infrastructure Bank, notably on sharing of performance metrics, encouraging a collaborative cross-departmental approach and more detail on how its advisory function will work in practice. The establishment of the Bank is a great opportunity for communities across the UK, and we need to ensure that it is set up to be as impactful as possible as quickly as possible.

“The Committee recommends that a full-suite of performance metrics are developed covering productivity and performance. We believe that there is an opportunity here to also include metrics around regional skills development and social value which will create a broader base on which to measure impact.

“Furthermore, the moves to encourage cross-departmental engagement are welcome, and could help the establishment of more co-ordinated placemaking approach throughout the UK. The Bank’s advisory function also has a role to play here, and we need to ensure that this approach is mirrored in its engagement with local authorities of all sizes, reducing the need for competition, tendering and ring-fencing when allocating investment to projects across the country.”