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 , 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.”
