ICE's Director General, Tom Foulkes, has urged the Government to adopt a long term view in its approach to the Green Investment Bank.
Discussing the matter, he suggested that,
“The current state of public finances has clearly created concern within Government about creating an institution with powers to borrow on the public sector balance sheet, but as the EAC rightly points out, a Green Investment Bank without these powers will struggle to generate the huge scale of investment required and could reinforce a negative impression about the UK’s approach to infrastructure development.
“We urge Government to take a longer term view and set up the GIB in a way that allows it to grow into a permanent institution with powers to issue debt and raise funds on capital markets, even if these powers are restricted in the short term. This would be a real statement of intent and help provide the confidence and certainty that will be needed to lure large volumes of private investment into our infrastructure networks.”