The UK government is to ditch plans to sell the Edinburgh-based Green Investment Bank (GIB) in favour of a £3.8 billion flotation, according to a newspaper report yesterday. The report, in the Sunday Times, came after calls from politicians north and south of the Border to halt the acquisition of the renewables-focused lender by Australian investment firm Macquarie, chosen in October as preferred bidder, with concerns including asset-stripping. Additionally, MSP Alison Johnstone said last week that in the ¬current -circumstances “it would be foolish for the GIB to be purged of its successful ¬ventures in financing key environmental projects throughout Scotland and the UK”. A separate report has cited a Whitehall official ¬saying that while an initial public offering was a possibility, it was not set to take place in the short term. The GIB was founded in 2012 by the UK government, backed by public funds, and has invested more than £2.7bn in environmental projects.
Scotsman 23rd Jan 2017 read more »