Today in Parliament Labour has called upon the Government to stop the sale of the Green Investment Bank.
The Green Investment Bank has, as a publicly owned institution, been a great British success story. It’s funded innovative new smart green technology to fight climate change and has created export opportunities for a carbonising world.
The Tories are privatising the GIB, and have said they’ll protect its green purposes by maintaining a golden share. But they’ve been out manoeuvred by the favoured bidders Australian owned Macquarie, who have set up multiple small businesses more each of the GIB’s major assets so they can sell them off without the government being able to do anything about it.
Macquarie are a known asset stripper who have purchased British infrastructure before, taken out big loans, paid themselves large dividends and left their purchases saddled with crippling debts.