Green Investment Bank borrowing delay weakens signal to investors – UKSIF comment on 2011 Budget Statement
UKSIF has welcomed the government statement that the Green Investment Bank will have borrowing powers and increased capitalisation; but it is concerned that borrowing will not be allowed until 2015 at the earliest with the exact timing uncertain as it will be linked to reduction of the UK deficit.
Penny Shepherd MBE, UKSIF chief executive said: “While there is much to welcome in the announcement, it represents a lost opportunity to make the step change needed to green the UK economy and support UK leadership in green financial services. In particular, the delay and uncertainty about when the Bank can start borrowing does not send the right signals to pension funds and investment managers”.
Read the full press release.