Green Investment Bank

Joanna Cherry Excerpts

Wednesday 11th January 2017 Commons Chamber

[Mr Hurd]

With respect to the hon. Lady, I am not entirely sure why Brexit is relevant to this process or to the decisions underpinning it. I agree 110% with her fundamental point about the need to invest in energy innovation, which is why our Department has a £500 million spending review portfolio dedicated to energy innovation that sits in a wider system of budgetary support for energy efficiency. The point she makes is entirely the right one: if we are to achieve what we want to achieve in decarbonisation and the transition to abundant sources of affordable low-carbon energy, we have to continue to innovate. The Government have a role in that, which is why budgetary support is available for it.

[Joanna Cherry (Edinburgh South West) (SNP)]

The Green Investment Bank employs 55 people at its head office in my constituency. When it was set up in 2012, the then Business Secretary, Vince Cable, said:

“Edinburgh has a lot going for it, both in terms of it asset management and finance sectors…also its proximity to green energy activity”.

He also said that choosing Edinburgh supported what he described as the “wider narrative” of binding Scotland into the UK in the run-up to the independence referendum. Will the Minister meet me to discuss how such promises can now be delivered to those 55 employees who work in the head office in my constituency?

[Mr Hurd]

I extend to the hon. and learned Lady the same offer that I made to a colleague earlier. Of course I will meet any colleagues whose constituencies may be affected by this process.