Grantham MP Gareth Davies has won his campaign for a British development bank to boost investment in the regions.

The move was announced yesterday by Chancellor Rishi Sunak as he outlined a range of financial measures to support the British economy in response to the pandemic and its related lockdowns.

Mr Davies told Nub News: "For decades the UK has suffered from underinvestment, low productivity and poor infrastructure in the regions compared to London and the South East.

"For example, infrastructure investment per person in London is three times higher than the East Midlands, where my constituency lies. As our economy recovers from coronavirus, now is the time to invest in levelling up. To help achieve this we need a national development bank capable of mobilising private capital into critical investments."

The MP continued: "With a public debt now larger than the size of our economy a British development bank would help release the burden of levelling up from the British taxpayer.

"A British Development Bank would also be essential for replacing investment from the European Investment Bank, which peaked at £5.6 billion. Taking back control of our own development financing is a great opportunity for our country and its regions.

"Despite Britain paying in 16% of the EIB's capital we only received 8% of their total financial support. With control over our own development we can focus capital investment on top priorities such as developing renewable energy provision, jobs growth and reducing regional inequalities."

As Nub News reported at the weekend, the bank should be operational in the spring.

As also reported, the MP, who has a background in finance, has been working with the research group Onward on the issue, co-writing a paper on the subject.

Yesterday, after the chancellor announced his move, Mr Davies said on twitter: "Delighted to see