The GIB was created by the UK Government in 2012 to invest in green projects but was put up for sale by then Chancellor George Osborne in 2015.
MPs had a brief opportunity to put questions to the UK Government minister on the sale of the GIB in the Westminster parliament when SNP Energy spokesman Callum McCaig, MP, called for the parliament to “fully scrutinise” the sale.
McCaig said: “We’re very concerned that the Tories’ plan to sell the Green Investment Bank will result in asset-stripping, which is likely to hand the buyer a significant profit at the expense of UK taxpayers – never mind the impact this could have on the future of green projects throughout the country.
“The UK Government says the bank’s head office will remain in Edinburgh and that the UK Government will retain a symbolic “golden share”. But if the bank is to be entirely privately owned it is unclear how the Tories can maintain these promises.
“I’m pleased that Climate Change and Industry Minister Nick Hurd agreed to meet my colleague Joanna Cherry (SNP MP for Edinburgh South West) after she asked for an assurance from the UK Government that 55 jobs at the Edinburgh HQ of the Green Investment Bank in her constituency would be protected.
“Moreover, this sale is happening at precisely the worst time for renewables.
“After years of counterproductive decisions from the UK Government, renewable investment is expected to fall by 95% between 2017 and 2020, and the adverse consequences of the UK’s decision to leave the EU could plunge the sector into further uncertainty.”
See Scottish Energy News: 24 Dec 2016 :
Ex Scottish Labour MP calls for ‘strong campaign’ over Green Investment Bank privatisation
It is a widely accepted law of Scottish political gravity that when a UK public sector body located in Scotland is privatised, the move into the private sector is swiftly followed by a physical move of the head office and senior management to London.