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Commenting on the announcement today (Thursday) that the government will sell the publicly-owned Green Investment Bank (GIB) to the Macquarie Group, TUC General Secretary Frances O’Grady said:

“The sale is a missed opportunity for Britain to create the green economy we need, and to catch up with our competitors on investment in infrastructure. 

20 April 2017

Commenting on the announcement today (Thursday) that the government will sell the publicly-owned Green Investment Bank (GIB) to the Macquarie Group, TUC General Secretary Frances O’Grady said:

“The sale is a missed opportunity for Britain to create the green economy we need, and to catch up with our competitors on investment in infrastructure. 

“It’s been a great success supporting green jobs by attracting billions of pounds for green infrastructure. And it’s been a great success for taxpayers, who have found themselves in possession of a valuable asset.

“It’s a shame that such a successful investment bank will no longer be boosting the public purse, but will be lining corporate pockets instead.”  

ENDS

Notes to Editors:
- GIB has committed £2.3bn to 58 green infrastructure projects with a total value of £10.1bn. Every £1 committed by GIB has mobilised £3 of private investment. More info on GIB is here www.greeninvestmentbank.com/news-and-insights/2015/uk-green-investment-bank-helps-mobilise-10bn-of-capital-into-uk-green-infrastructure/
- The TUC has previously called for GIB to remain in majority public ownership, and to be given additional borrowing powers and an expanded role.
- All TUC press releases can be found at tuc.org.uk/media
- TUC Press Office on Twitter: @tucnews

Contacts:
Press Office  T: 020 7467 1248  E: media@tuc.org.uk
Alex Rossiter  T: 020 7467 1285  M: 07887 572130  E: arossiter@tuc.org.uk
Tim Nichols  T: 020 7467 1388  M: 07808 761844  E: tnichols@tuc.org.uk
Elly Gibson (Mon to Thurs) T: 020 7467 1337  M: 07900 910624  E: egibson@tuc.org.uk
Michael Pidgeon  T: 020 7467 1372  M: 07717 531150  E: mpidgeon@tuc.org.uk
 

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