Barry Gardiner
Main Page: Barry Gardiner (Labour - Brent West)
Vince Cable
It will indeed do that. As I indicated in my statement, there is what we call a double bottom line. The projects must be commercially attractive, and we have to decide what the rate of return would be. They must be economically viable. They must also, at the same time, make an environmental contribution. Getting that trade-off will not be easy, and it will be one of the important early tasks of the bank. I will undertake to add York to the list of cities looking for such an opportunity.
Barry Gardiner (Brent North) (Lab)
I welcome the green investment bank. Will the Secretary of State confirm, however, that the EU Commission has written to the Government expressing its concerns, under state aid rules, that the Government’s proposals in the electricity market reform for contracts for different feed-in tariffs and a floor price for carbon may constitute a subsidy for nuclear? If it has done so, will he make the letter available in the Library?
Vince Cable
I cannot confirm that. If the information is available, I am sure we can pursue it in the proper way. As it happens, I met the Competition Commissioner last week and he did not refer to that, but he is alerted to the green investment bank state aid application, and he will deal with it professionally, I am sure.