Green Investment Bank will be fully independent

The government says the Green Investment Bank will be fully independent and have the right to borrow, relieving fears that its powers would be more limited. But EU approval will be needed

Vince CableThe forthcoming Green Investment Bank (GIB) will become a fully independent bank with powers to borrow, deputy prime minister Nick Clegg has confirmed. Speaking in the House of Commons on 23 May, he said the UK will have the world’s first dedicated national bank for green investment projects.

Business secretary Vince Cable announced the following day that there will be a phased approach to its establishment, with the first investments to be sought from April 2012, based on advice from a newly-appointed independent advisory board to be chaired by Sir Adrian Montague. Sir Montague has extensive city experience and was formerly chair of nuclear power operator British Energy, now part of French energy utility EDF.

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