National Audit Office report suggests that Green Investment Bank was sold on the cheap
A NAO report attacks the government for its handling of the sale of the Green Investment Bank, set up by Liberal Democrats in coalition. The report makes clear:
the sale process took longer than expected, and had an operational impact on the GIB. The sale process lasted for nearly 18 months, more than double the length indicated in planning.
the final sale price was very much at the lower end of the expected valuation range.
Liberal Democrat Leader Vince Cable, who as Business Secretary played a key part in setting up the bank, said:
"Establishing the Green Investment Bank, a world first, was one of the Liberal Democrat successes of coalition and it has made financially prudent investments. The GIB’s privatisation showed the Conservatives really don’t care about the environment, or the long-term financial rewards this brings as we try to move towards a lower carbon, more efficient economy.
“Sadly, the mishandled sales process has created uncertainty, particularly through key staff losses, at a time when the GIB should have been growing and helping the UK hit international carbon reduction targets by fostering the green economy.
“The big fear now is that it will disappear into the commercial arm of Macquarie, which will enjoy the returns generated through sound investment, without reinvesting that into new green projects.”