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& Protection Services for savings,investment and protection solutions;and Corporate & Institutional Banking,focused on corporate and institutionalclients. Based on its strong diversifiedand integrated model, the Group helpsall its clients (individuals, communityassociations, entrepreneurs, SMEs,corporates and institutional clients) torealise their projects through solutionsspanning financing, investment, savingsand protection insurance. 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 linesin Europe, a strong presencein the Americas as well as a solid andfast-growing business in Asia-Pacific.BNP Paribas has implementeda Corporate Social Responsibilityapproach in all its activities, enablingit to contribute to the construction ofa sustainable future, while ensuring theGroup’s performance and stability. 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 isCorporate & Institutional Banking.The bank has extended over £100 billionof debt and equity to UK companies. ABOUT OXFORD ECONOMICS 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 ina full range of research techniquesand thought leadership capabilitiesfrom econometric modelling, scenarioframing, and economic impact analysisto market surveys, case studies, expertpanels, and web analytics. 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 advisoryfirms, providing reports, forecasts,and analytical tools on more than 200countries, 100 industries, and 8,000 citiesand regions. Our best-in-class globaleconomic and industry models andanalytical tools give us an unparalleledability to forecast external market trendsand assess their economic, social, andbusiness impact. Oxford Economics is a key adviser tocorporate, financial, and Governmentdecision-makers and thought leaders.Our worldwide client base now comprisesover 3,000 international organisations,including leading multinationalcompanies and financial institutions;key Government bodies and tradeassociations; and top universities,consultancies, and think tanks. Headquartered in Oxford, England, withregional centres in New York, London,Frankfurt, and Singapore, OxfordEconomics has offices across the globein Abu Dhabi, Belfast, Chicago, Dubai,Dublin, Hong Kong, Los Angeles, MexicoCity, Milan, Paarl, Paris, Philadelphia, DECEMBER 2025 The modelling and results presentedhere are based on information providedby third parties, upon which OxfordEconomics has relied in producingits report and forecasts in good faith.Any subsequent revision or update ofthose data will affect the assessmentsand projections shown. All data shown in tables and chartsare Oxford Economics’ own data, exceptwhere otherwise stated and cited infootnotes, and are copyright © OxfordEconomics Ltd. This report is confidential to BNP Paribasand may not be published or distributedwithout their prior written permission. Foreword09 1. Executive Summary 2. The Infrastructure Pipeline 2.1Funding the National Infrastructure Pipeline15 2.2Will There Be Sufficient InvestmentForthcoming To Make The Delivery Realistic? 3. Clean Energy 3.1State of play and Government targets 3.2Growth of industries 3.3The role of private investment in helpingGovernment achieve its targets Content3.4Importance of private investment:NISTA infrastructure pipeline 3.5Facilitating private investment through CfD scheme 3.6Funding for nuclear energy 3.7Funding for grid infrastructure 4. Exploring the IS-8 sectors 4.1Advanced manufacturing 4.2Creative industries 4.3Defence 4.4Digital and technologies 4.5Financial services 4.6Life sciences 4.7Professional and business services 5.Does the infrastructure pipeline support the sectorsin the industrial strategy? 6. Conclusion Financing theUK Industrial Transition Foreword If the UK Government is to achieve its goals for the Ind