date: 23 May 2011
embargo: For immediate release
Commenting on the government's plans announced today (Monday) for a green investment bank, TUC General Secretary Brendan Barber said:
'The government has removed some of the uncertainty around the green bank, which is to have legal backing and be given the power to borrow on the capital markets.
'But there is still a big funding gap to be bridged. Not allowing the bank to borrow until government debt targets have been met is more about ministers' desire to keep a lid on public spending than promoting good green economics.
'The government should free the new bank from its fiscal straitjacket to deliver green investment at the scale and pace required for a green economic recovery.'
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Issued: 23 May, 2011