EU Referendum: Energy and Environment

Debate between Barry Gardiner and Caroline Lucas

Tuesday 12th July 2016 Commons Chamber

[Barry Gardiner]

What an excellent point my hon. Friend makes. She knows, as I do, that the Secretary of State was someone who saw the value in the UK’s staying in the European Union and in all the directives and regulations that came from Europe, which afforded the sort of environmental protections and energy policies that would secure our future. No doubt the Secretary of State will respond responsibly to today’s brief, but I think she will feel a great deal of sympathy both with the remarks that my hon. Friend has just made and indeed my own remarks from the Dispatch Box.

[Caroline Lucas (Brighton, Pavilion) (Green)]

The hon. Gentleman is making a powerful case about the lack of investment and about economic instability. Does he agree with me that now is a good time for the Government to reverse their decision to privatise the Green Investment Bank, and that when they negotiate withdrawal the Government should make a strong case to remain in the European Investment Bank? If those two things do not happen, we will be in really difficult times.

[Barry Gardiner]

The hon. Lady, whom I regard as an hon. Friend, particularly on these matters, speaks with great knowledge. She is absolutely right about the Green Investment Bank, which was set up for a particular purpose: the Government recognised that there was a market failure. It was quite right of the Government to put the Green Investment Bank in place, but unfortunately the borrowing powers did not come quickly enough, and I think it is a huge mistake now to privatise the bank. It is a matter of deep regret to all who work in this environment. As for the hon. Lady’s remarks about the European Investment Bank, I shall come on to that subject later in my speech.