Bank sale slammed

Deal ‘buried’ by election news

THE Government have been accused of using the election to push through the controversial sale of a taxpayer-owned bank.

Ministers yesterday confirmed plans to flog the Green Investment Bank to a consortium led by Australian lender Macquarie for £2.3billion. However, the sale to a firm dubbed the “vampire kangaroo” was attacked by critics.

Former Lib Dem energy secretary Ed Davey claimed ministers may have timed the announcement to coincide with the snap general election.

He said: “Selling the Green Investment Bank is environmentally irresponsible, and on the eve of an election is politically dubious.

“The Government clearly hopes to avoid parliamentary scrutiny.”

Doug Parr, policy director at Greenpeace UK, labelled the sale to the Australian firm “a disaster”. He said: “At a time when the Government should be shoring up lowcarbon industries for post-Brexit Britain, they have given away one of our key tools for advancing green technologies.”

Macquarie, criticised for their approach to deal-making, have been accused of wanting to asset-strip GIB, who finance alternative energy projects.

They recently sold their stake in Thames Water after 10 years, during which critics say they sucked out cash and failed to invest enough.

TUC General Secretary Frances O’Grady said: “It’s a shame that such a successful bank will no longer be boosting the public purse, but will be lining corporate pockets instead.”

Daniel Wong, from Macquarie, said: “We understand the responsibilities that come with ownership.”