Green Investment Bank

I am very concerned about Government plans to sell off the Green Investment Bank and it’s a subject I’ve already raised with the Minister for Climate Change & Industry Nick Hurd during the urgent question Parliamentary debate on 11 January. I specifically highlighted my concerns about the ethics of Macquarie Bank, who have an appalling track record of failing to pay correct levels of tax, buying assets, stripping them, paying itself huge dividends and selling off what’s left. I asked the Minister his opinion of Macquarie’s recent activity at Thames Water where it shipped off hundreds of millions in dividend payments to investors, paid minimal taxes and made disappointing investment in the network. You can watch my intervention here: http://parliamentlive.tv/event/index/a874ad10-8dee-44a9-bd87-7d6923651e7e?in=13:21:11

You can also read my Guardian letter on the subject here: https://www.theguardian.com/environment/2017/jan/17/green-investment-banks-assets-must-be-protected

The Green Investment Bank is a real success story and it makes no sense to sell it off, when it could play a significant role helping to drive innovation, green energy and infrastructure, job creation and growth opportunities. The Government needs to abandon this ill-thought plan and I can assure you that, as your MP, I will continue to make the strongest case for them to do so at every opportunity.

 

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Catherine West MP

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