Chuka Umunna · @ChukaUmunna
25th Jun 2015 from TwitLonger
Full comment on Government Green Investment Bank plans
“The Green Investment Bank was initiated under the last Labour government to support and attract funding to projects which would not otherwise receive finance, helping Britain move towards a low-carbon economy. Since it began operating in 2012 it has made a significant contribution, investing billions of pounds in green projects. But because the government has refused to give the GIB the borrowing powers it needs, it has never been allowed to reach its full potential.
“It is unclear how the GIB can continue to perform its unique and vital function if it is sold off and it would be incredibly short-sighted if the important role it currently plays was lost. We need to see the government doing all it can to support sustainable technology and green industries, rather than undermining the achievements of the past decade. And this government’s poor record on asset sales, after the botched fire sale of Royal Mail in 2013, does not inspire confidence.”