Eco bank with £12bn to splash

THE Chancellor hailed the dawn of a ‘green industrial revolution’ yesterday as he announced an eco investment bank, a bond scheme for savers and investment in wind power.

Mr Sunak said he was committed to ‘green growth’ as he pledged billions to help the UK on its path to net zero carbon emissions by 2050.

He announced a national infrastructure bank with £12billion to finance a green industrial revolution and £ 15billion of government bonds, or gilts, this year.

The move comes as the UK prepares to take the presidency of UN climate summit COP26 later this year and to put environmental issues at the forefront of its pandemic recovery strategy.

He told MPs that the UK infrastructure bank will be located in Leeds, adding: ‘The bank will invest across the UK in public and private projects to finance the green industrial revolution.’

He said the Government is also funding port infrastructure to build the next generation of offshore wind projects in Teesside and Humberside.

And he announced a green National Savings and Investment product. It will be available later this year.

Dame Clara Furse, chairman of HSBC UK and a former chief executive of the Stock Exchange, has been asked to set up a group to position the City as the ‘global leader for voluntary, high-quality carbon offset markets’.

Sir Keir Starmer said the Budget stopped ‘way short’ of the action needed to tackle the climate emergency.