The government is in asset sale mode. The planned sale of the nationalised banks will set a new high watermark for capital raised, previously set by the BP privatisation, presided over by Margaret Thatcher in 1987.
The sale of the Green Investment Bank (GIB) is being pushed through, alongside the sale of Lloyds and RBS. But, the criteria by which these sales will be judged are quite different. The sale of the retail banks needs to maximise returns to the taxpayer through the share price achieved on the day of the sale. But, the sale of GIB shares needs to optimise return to taxpayers in the long term by securing the bank’s unique mission. Read more
Have you spent the last four years “fired up to play your part in the nation’s future”? No? You didn’t accept your invitation from David Cameron to join the government of Britain? Is that because you wanted “a future fair for all” offered by Gordon Brown?
Or perhaps you didn’t spot the sunny uplands on offer at the last election because you didn’t read the manifestos. Most people don’t. If they are remembered at all it tends to be for the promises not met, rather than the policies delivered. In this context and against the backdrop of public disillusionment with Westminster politics that I want to persuade you that manifestos really do matter. Read more
‘On time and on budget’ are five words any project promoter loves to be able to boast, especially for a first project. One year and five months after the Green Investment Bank (GIB) was set up, its first project has managed this feat, despite being full of potential risks which might have been enough to scare off ordinary investors: the TEG Biogas plant in Dagenham will process 50,000 tonnes per annum of biodegradable waste which would otherwise have increased methane emissions from landfill, and will sell its residual heat to Closed Loop London, a factory that recycles plastic bottles. Read more