Enterprise Bill [Lords]

Caroline Flint Excerpts

Tuesday 8th March 2016 Commons Chamber

There you have it. There is a tension in the private sector. It is one that we all recognise. It is well known. It is one that the Governor of the Bank of England has spoken about at great length over the past year. He called it the “tragedy of the horizon.” The investment horizon is so short that investors cannot see the payback in these sorts of projects. It is tragic that Government are privatising—neutering—one of the best things that they have established.

[Caroline Flint (Don Valley) (Lab)]

My hon. Friend is making a persuasive argument. Does he agree that if we are to be a country represented by, as the Chancellor said, a “march of the makers”, part of that is being at the front of the queue when it comes to leadership and supporting innovation in the green energy and green environmental products marketplace? Does my hon. Friend feel that privatising the Green Investment Bank will just create yet another bank—one that will not do the job for which it was intended?

[Barry Gardiner]

My right hon. Friend has enormous knowledge in this area and I absolutely agree with her. The most successful instrument that the Government have created for energising and putting investment into infrastructure projects in this country is now being neutered. That is a tragedy, which these amendments seek to address.