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20 Dec 2010 11:12:01

Sustainable Green Investment Bank 'will need £10bn'

Sustainable Green Investment Bank 'will need £10bn'
Some £10 billion of funding will be needed for the Green Investment Bank (GIB) to be financially sustainable, according to the Cumbria Green Business Forum (CGBF).

John Barwise, chairman of the CGBF, described the £1 billion set aside for the GIB in the spending review as "paltry", suggesting ten times this figure is likely to be needed to stimulate the market.

Mr Barwise said the GIB has the potential to stimulate the renewable manufacturing industry in the UK.

However, he added: "Unless we see sufficient funding going into that, all it will do is support other countries to utilise and capitalise on the investment bank and not our own home-based manufacturing base, and that can't be right."

Announcing the £1 billion of funding in October, Chancellor George Osborne said more cash should be raised through private sector investment and government asset sales.

Mr Barwise said unless the funding from the GIB is used to stimulate manufacturing in the UK, it will have "the reverse impact it should have". ADNFCR-1235-ID-800300767-ADNFCR

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