Oral Answers to Questions

Debate between Alan Whitehead and Vince Cable

Thursday 18th July 2013 Commons Chamber

[Dr Alan Whitehead (Southampton, Test) (Lab)]

T7. Does the Business Secretary agree that the target, set by the Treasury on a moving basis, to be met before the UK Green Investment Bank can actually become a green investment bank—that public sector debt must be falling as a percentage of GDP—presents serious challenges for people planning green and low-carbon investments for the future? If so, will he take the opportunity of the recess to seek an urgent meeting with the Chancellor to see whether he can change that formula, so that the UK Green Investment Bank can actually become a green investment bank in the not-to-distant future?

[Vince Cable]

I think the hon. Gentleman might have missed some recent announcements. The UK Green Investment Bank is now succeeding and expanding rapidly, having already committed £700 million or more. In the spending reviews for 2015-16 and 2017-18, the Treasury has committed to providing an extra £800 million of funding and to beginning borrowing, initially through the national loans fund, in order to meet the objective I think he wishes to achieve.