为英国产业转型融资（英）

ABOUT BNP PARIBAS A leader in banking and financial servicesin Europe, BNP Paribas operates in64 countries and has nearly 178,000employees, including more than144,000 in Europe. The Group has keypositions in its three main fields ofactivity: Commercial, Personal Banking& Services for the Group’s commercial &personal banking and several specialisedbusinesses including BNP ParibasPersonal Finance and Arval; Investment In Europe, BNP Paribas has fourdomestic markets: Belgium, France,Italy and Luxembourg. The Group isrolling out its integrated commercial &personal banking model across severalMediterranean countries, Turkey, andEastern Europe. As a key player ininternational banking, the Group hasleading platforms and business lines BNP PARIBAS, UK BNP Paribas has been in the UK formore than 150 years and now hasmore than 8,500 employees across7 companies, the largest of which is ABOUT OXFORD ECONOMICS Oxford Economics was founded in1981 as a commercial venture withOxford University’s business collegeto provide economic forecasting andmodelling to UK companies and financialinstitutions expanding abroad. Sincethen, we have become one of the world’sforemost independent global advisory Sydney, Tokyo, and Toronto. We employ700 staff, including more than 450professional economists, industryexperts, and business editors-one ofthe largest teams of macroeconomistsand thought leadership specialists.Our global team is highly skilled in Oxford Economics is a key adviser tocorporate, financial, and Governmentdecision-makers and thought leaders.Our worldwide client base now comprisesover 3,000 international organisations, Headquartered in Oxford, England, withregional centres in New York, London,Frankfurt, and Singapore, OxfordEconomics has offices across the globein Abu Dhabi, Belfast, Chicago, Dubai, DECEMBER 2025 All data shown in tables and chartsare Oxford Economics’ own data, exceptwhere otherwise stated and cited infootnotes, and are copyright © Oxford The modelling and results presentedhere are based on information providedby third parties, upon which OxfordEconomics has relied in producing This report is confidential to BNP Paribasand may not be published or distributedwithout their prior written permission. Foreword09 1. Executive Summary11 2.1Funding the National Infrastructure Pipeline 2.2Will There Be Sufficient InvestmentForthcoming To Make The Delivery Realistic?17 3. Clean Energy19 3.1State of play and Government targets Content 3.2Growth of industries 3.3The role of private investment in helping 3.4Importance of private investment:NISTA infrastructure pipeline 3.5Facilitating private investment through CfD scheme 3.6Funding for nuclear energy 4. Exploring the IS-8 sectors 4.2Creative industries30 5.Does the infrastructure pipeline support the sectorsin the industrial strategy?45 Foreword If the UK Government is to achieve its goals for the Industrial Strategy andNational Infrastructure Pipeline, the finance sector will need to play a central As a large European bank, and one already playing a key role in the delivery ofthe net zero transition, we see these twin policy pillars as critical in the economic The Industrial Strategy, which focuses on a core eight high growth sectors, and theNational Infrastructure Pipeline, the 10-year forward look of planned investmentacross major UK infrastructure, are together designed to kick start growth and Financing vehicles also exist to enable support. For example, the British BusinessBank (£4 billion growth capital), National Wealth Fund (£27.8 billion), UK Researchand Innovation (£9 billion) and UK Export Finance (£80 billion capacity) will helpcatalyse investment, and funding structures already exist that put the UK aheadof other countries in terms of attractiveness for investment. For example, theContract for Difference model (CfD) has done much to support the UK’s transition In this report, we analyse the plans that have already been made, the targetsidentified – where they exist – and the funding gap that has still to be met. The market context right now is positive. With much of Europe looking atbolstering defence, the continued move towards zero carbon and state initiativesto renew public infrastructure, investors are looking with renewed interest atEurope. And the debt markets are open for business. But at the same time, fiscal We have already extended over £100 billion in debt and equity to UK-headquarteredcompanies, and we look forward to continuing to partner with, what for us, is astrategic market. This growth agenda will mean rising demand for bank lending,private credit, growth equity, and structured finance, particularly to fund AI EMMANUELLE BURYUK COUNTRY HEAD, BNP PARIBAS 1. Executive Summary Two focussed strategies aligned towards UK growth. THE NATIONAL INFRASTRUCTURE PIPELINE Based on the July 2025 iteration of the National Infrastructure Pipeline, the privatesector is expected to fund £245 billion (2024/25 pr