The government’s sale of the Green Investment Bank to Macquarie was “deeply regrettable” and did not get the best possible return for taxpayers, parliament’s spending watchdog has concluded. Last year’s £2.3 billion deal prioritised “reducing the level of debt in the public sector” over the delivery of green objectives, MPs on the public accounts committee said.The Green Investment Bank was established in 2012 to “accelerate the UK’s transition to a greener, stronger economy” by investing in renewable energy projects. By 2017 it had committed £3.4 billion to 100 projects, and had attracted £8.6 billion of private capital. Despite this, the committee found that the government did not actually know if the bank had succeeded in its objectives at the time it decided to sell it. The sale to Macquarie, which rebranded it as Green Investment Group covered the taxpayer cash committed at the time and a £186 million premium.
Times 14th March 2018 read more »
FT 14th March 2018 read more »