Question

To ask the Secretary of State for Business, Innovation and Skills, what discussions his Department has had with (a) the devolved administrations, (b) civic society and (c) industry on the privatisation of the Green Investment Bank.

The Government first announced it was exploring options for bringing private capital into UK Green investment Bank plc (GIB) in the Autumn Statement 2013. It was subsequently confirmed in both the 2014 Autumn Statement and 2015 Budget debate that work was progressing on this matter.

My Rt hon Friend the Secretary of State for Business, Innovation and Skills set out firm proposals to move GIB into private ownership in a written ministerial statement of 25 June.

On 15 October 2015, My Rt hon Friend the Secretary of State for Business, Innovation and Skills made a further written ministerial statement in order to provide an update on work to implement the proposals and the need to repeal legislation relating to GIB.

On 18 November, the Government published a detailed policy document on the future of GIB setting out the case for moving the company into private ownership and seeking to address a number of concerns that had been expressed about this.

In support of these various publications and announcements, there has been substantial engagement and correspondence on the matter with environmental groups, stakeholders, members of Parliament and the Devolved Administrations, particularly the Scottish Government which raised a number of specific concerns. Much of the stakeholder engagement activity has been undertaken by GIB itself in view of its strong existing relationships with relevant stakeholders.