Fears that UK green bank will suffer after deficit miss

Offshore wind is a GIB priority

Offshore wind is a GIB priority

The UK government has been urged to clarify the position of its new Green Investment Bank (GIB), after fears that the failure to hit deficit-reduction targets would delay its ability to assume full borrowing powers.

The GIB was launched last month with an initial £3bn ($4.8bn) to support low-carbon growth, with offshore wind named as an early priority area.

The GIB was initially barred from assuming full borrowing powers until 2015 – which many see as crucial to it achieving the firepower needed to make a real impact – to avoid adding to the national debt.

But UK finance minister George Osborne today admitted the UK will not hit its debt reduction targets until a year later.

The UK Association for Consultancy and Engineering (ACE) Log in to read complete article.

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