Green Investment Bank

Baroness McIntosh of Pickering Excerpts

Thursday 12th January 2017 Lords Chamber

[Lord Barker of Battle]

To ask Her Majesty’s Government what assessment they have made of progress made on the sale of the Green Investment Bank.

[Baroness McIntosh of Pickering (Con)]

My Lords, on behalf of my noble friend Lord Barker of Battle, and at his request, I beg leave to ask the Question standing in his name on the Order Paper.

[The Parliamentary Under-Secretary of State, Department for Business, Energy and Industrial Strategy (Lord Prior of Brampton) (Con)]

My Lords, the sale process is commercially confidential and I am unable to provide details of progress at this time. However, the Government have committed to providing a full report to Parliament once the sale is completed. The Government launched the sale process on 3 March 2016 and we expect it to be complete before the end of the financial year.

[Baroness McIntosh of Pickering]

My Lords, I congratulate my noble friend on his new position and thank him for that Answer. The Green Investment Bank is the jewel in the crown of the Government’s green energy policy. There is huge concern at the moment that the preferred purchaser may have a mind to purchase the whole of the Green Investment Bank and dispose of the individual parts for a price higher than might be paid to the Government. What further assurance can my noble friend the Minister give the House today about the future of the Green Investment Bank and its integrity, excellent work and the huge success story continuing after privatisation?

[Lord Prior of Brampton]

My Lords, the Green Investment Bank has been a huge success—I do not think anyone doubts that. From a start-up four or five years ago, it has developed into probably the finest financial institution in this space. The Government have two objectives: first, to get value for money—certainly not to sell the assets for less than they are worth; and secondly, to free up the Green Investment Bank so that it can use its expertise to back more sustainable projects in the future.