Green bank deal ‘is £2bn mistake’

BRITAIN’S Green bank is likely to be unsuccessful in its mission to boost renewable energy because ministers failed to protect it during an Australian takeover, an official report has found.

The Public Accounts Committee has warned that the Green Investment Bank, set up by the Government in 2012 but sold in a £2.3bn deal to bank Macquarie last year, did not live up to its original ambitions and may never do so.

The Government had prioritised finances over guarantees on green policy when it sold the bank, the report said. The GIB was established by ministers to address lack of private investment in the green economy.