Business secretary Sajid Javid announces further step in government’s privatisation of bank designed to fund renewable energy and waste projects
The government’s controversial plan to privatise the Green Investment Bank (GIB) has taken a major step forwards on Thursday, as business secretary Sajid Javid announced plans to repeal the legislation that gives ministers control over the bank.
In a written ministerial statement, Javid said the government intended to repeal sections of the Enterprise and Regulatory Reform Act 2013 which was passed alongside the bank’s launch. The centrepiece of the legislation gives ministers a veto over any move to change the articles of association of the bank, including the five governing principles that require it to fulfil a green remit.
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Source: Guardian Environment