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Cable blasts Green Bank ‘strip’

Former Business Secretary critical of likely sale to Macquarie

Cable blasts Green Bank ‘strip’ image

Former Business Secretary Vince Cable has called for the UK government to put in place safeguards to prevent the Green Investment Bank (GIB) being “stripped” by preferred bidder Macquarie.

Cable, who launched the GIB in November 2012, tweeted there is “serious risk” of the government-owned lender being "dismantled" by the Australian outfit.

“The Green Investment Bank I helped established secured billions of investment in green projects, now the government wants to sell off & stripped [sic] by Macquarie?,” he added.

Cable gave public support to Green MP Caroline Lucas’ campaign to “save the GIB” by ensuring the bank will remain a single institution and not broken up and sold off in parts.

Lucas has also called for the government to implement other safeguards such as ensuring the GIB has the capital it needs to support low-carbon projects and that its core mission will remain funding green projects across the UK.

Cable’s comments followed earlier criticism of the sale of the GIB by former energy minister Greg Barker.

“Am increasingly alarmed that sale of the Green Investment Bank will now see it broken up so much it threatens its future as enduring institution #slamonthebrakes,” he tweeted.

It is understood Macquarie will pay £2bn for the bank, including £1bn to buy its loan and investment portfolio.

Image: Vince Cable (Liberal Democrats)

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