Oral Answers to Questions

Luciana Berger Excerpts

Thursday 18th November 2010 Commons Chamber

[Mr Prisk]

I have been to the National Railway museum, which is an excellent part of Yorkshire’s tourism and industrial heritage. There are clear rules about the regional growth fund, and they could well include the opportunity for a bid from the National Railway museum. If the hon. Gentleman or his local partners wish to proceed with that, they should look at the White Paper, and if there are any problems, I am happy to help.

[Luciana Berger (Liverpool, Wavertree) (Lab/Co-op)]

5. Whether his Department intends to sell assets in its ownership to provide finance for the proposed green investment bank.

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

The Chancellor announced in the spending review that the green investment bank will be funded with £1 billion from departmental budgets, and significant additional proceeds from asset sales. I will provide further information on which assets will be used to fund the institution in due course.

[Luciana Berger]

What funding will the Government make available to support renewable projects in the interim period before the green investment bank is established, which current estimates suggest is four years away?

[Vince Cable]

No, it is not four years away. The intention is that investments will be made in 2012, and that asset sales will be used for that purpose. We are in the process of establishing the bank, and the hon. Lady knows that a substantial number of renewable projects are being supported under the spending review.