MPs question government over Green Investment Bank restructuring ahead of privatisation
A group of MPs is ramping up pressure on the government over the privatisation of the Green Investment Bank (GIB).
The Environmental Audit Committee today published a letter condemning the fact “parliament appears to be kept in the dark” over the sale process.
The committee, led by Labour MP Mary Creagh, also raised concerns about a restructuring of GIB assets.
Read more: Green Investment Bank won't be sold to asset stripper, minister tells MPs
In a letter to climate change minister Nick Hurd, Creagh cited concerns raised that the government’s preferred bidder, Australian investment bank Macquarie, could be planning to asset-strip GIB.
The letter, sent on 26 January and published by the committee today, said: “Was this restructuring action taken at the request of UK Government Investments, who are overseeing the sale?
“If so, what is the intention of the restructuring? You will be aware of our concerns that this was done to facilitate an easier asset sale when and if the bank is acquired by Macquarie.”
Read more: Macquarie's rival on what it would do with the Green Investment Bank
Creagh noted that Hurd had offered to appear before the committee but said she was “disappointed at the department’s view that such a hearing would be ‘inappropriate’ at this time”.
She added: “The committee will look to hold a hearing as soon as possible after a sale or other course of action is announced and will continue to scrutinise the sale process.”