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Green Investment Bank gets go ahead in Budget

THE government pledged to flesh out its plans for a Green Investment Bank to encourage funding for low carbon technologies.

The project, which was included in Alistair Darling’s last Budget, will attempt to remove barriers to an environmentally sustainable economy.

The Budget report said: “The government will put forward detailed proposals on the creation of a Green Investment Bank to help the UK meet the low-carbon investment challenge.

“The government is considering a wide range of options for the scope and structure of the Green Investment Bank. The options will be evaluated for effectiveness, fiscal affordability and transparency.”

More details are expected after the spending review this autumn.

The Budget also confirmed the Climate Change Levy will increase in line with inflation, as detailed by Darling in March.