Callum McCaig
Main Page: Callum McCaig (Scottish National Party - Aberdeen South)Enterprise Bill [Lords]
Callum McCaig Excerpts
The Minister for Small Business, Industry and Enterprise (Anna Soubry)
It has been an interesting debate, but I must confess that I do not agree with many of the arguments advanced by the Opposition, so I hope that hon. Members will not support any of the new clauses.
If I may deal with things in reverse order, I will first address new clause 8, tabled by the hon. Member for Brighton, Pavilion (Caroline Lucas), which seeks to ensure that the Green Investment Bank continues its green investments plans post-privatisation. We agree on what we want the bank to continue to do. We are seeking bidders who can fund the GIB’s legally binding commitments and who have the deep pockets to fund its ambitious green business plan. The bank’s management is clear that it needs access to private capital to fund its green business plan. That could be equity capital raised as part of the sale process, debt capital, which the GIB can raise when it is in the private sector, or private capital raised as part of a fund structure.
Business plans change and evolve as new opportunities arise, and we will not bind new owners into the current plan, so I cannot accept the hon. Lady’s new clause. The new owners of the GIB will have views on the future strategy and business plan. They will assess it as part of their due diligence and make it a part of their offers. Whoever the new owner or owners are, the special share ensures that the business plan, like the GIB, will continue to be green.
It must be said in response to many of the points and arguments that it is almost impossible to understand why anybody would want to buy the Green Investment Bank—the clue is in the name—unless they wanted to ensure that it continued to invest in green projects.
Callum McCaig (Aberdeen South) (SNP)
We welcome the general direction of travel, given the special share. The Government will have a clear say during the privatisation process in the selection of the new owners, so will the Minister expand on how they will ensure that appropriate owners, who will respect not only the special share but the green agenda, are put in place?
Anna Soubry
Everyone will, of course, have to comply with the due diligence. I welcome the hon. Gentleman’s comments and will dwell on that topic in a moment. I want to make it absolutely clear that it is difficult to believe that anybody would buy the Green Investment Bank unless they absolutely wanted to continue its great work, for which I pay tribute to the bank.