Kevin Brennan – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Kevin Brennan on 2016-01-20.

To ask the Secretary of State for Business, Innovation and Skills, what estimate his Department has made of the potential costs to (a) consumers and (b) the public purse of the privatisation of the Green Investment Bank.

Anna Soubry

The Government is moving UK Green Investment Bank plc (GIB) into private ownership so it can continue operating in the same way it does now only funded with private capital rather than relying on taxpayers’ support. The detailed background and supporting case for this move was set out in the policy statement we published on 18 November.

Decisions on the proposed sale are being taken in accordance with best practice to ensure all available options are properly examined in a detailed business case and that a robust valuation process is followed. We expect taxpayers to gain a receipt to the public purse from a majority sale of GIB, and to benefit from reduced public funding requirements in future.