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« Cartoons by Josh Calendar 2014 | Main | Atherton on Hinkley Point »
Wednesday
Oct302013

Reckless endangerment of GIB

Mark Reckless, the Conservative MP for Rochester and Strood, has revealed on his blog that a group of his colleagues will potentially put a large spanner in the works of Vince Cable's boondoggle triumphant, the Green Investment Bank.

Today the House of Commons votes (in a deferred division between 11.30am and 2pm) on whether to restrict funding to the Green Investment Bank following the Prime Minister’s statement a week ago that we “need to roll back the green charges”.

MPs are normally only able to scrutinise taxation decisions, but the unusual structure of the bank means that they get the chance to cast an eye over this particular vested-interest creation scheme.

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Reader Comments (15)

Cable:

The bank has so far made commitments totalling £714 million into green projects, including … waste to energy

Waste to energy. Discuss. Very well done Mark Reckless and friends.

Oct 30, 2013 at 11:02 AM | Registered CommenterRichard Drake

It will be interesting to see what support Mark Reckless gets from other conservatives.

Oct 30, 2013 at 11:18 AM | Unregistered CommenterPeter Stroud

I like Reckless actions....

Oct 30, 2013 at 11:39 AM | Unregistered CommenterOtter

What a fantastic name! I wonder what the provisions for bad debts are of this bank...

Oct 30, 2013 at 12:00 PM | Unregistered CommenterFarleyR

Should winkle out the crony capitalists.

Oct 30, 2013 at 12:02 PM | Unregistered Commenterssat

Is the GIB going to be doling out money to ventures like Solyndra (went bust owing half a billion) or the other solar panel company (name escapes) that just recently went pop? Will politicians be held to account when the GIB fails (silly bloody question, I know....)?

Oct 30, 2013 at 2:16 PM | Unregistered CommenterSnotrocket

Don't know if you read this Bish, but apparently the US are no longer going to allow funding of coal fired power plants around the world. Presumably this will hurt poor countries quite badly (unless they can get finance elsewhere).

Oct 30, 2013 at 2:18 PM | Unregistered CommenterRobinson

Mmmmm.

I'm gonna go hunt me down a bottle of that beer. Looks good.

Oct 30, 2013 at 3:05 PM | Unregistered CommenterGeckko

@Oct 30, 2013 at 2:18 PM | Robinson,

Sad news. This is where deranged social movements alwys end up: Hurting those they claim to care about, not actually accomplishing any part of what they claim to want so badly, and leaving the door open for others to do what should have been done.

Oct 30, 2013 at 3:11 PM | Unregistered Commenterhunter

Perhaps Vince and the GIB can emulate President Obama's stunning success in green energy investments:

http://blog.heritage.org/2012/10/18/president-obamas-taxpayer-backed-green-energy-failures/

Oct 30, 2013 at 7:55 PM | Unregistered CommenterBilly Liar

OT but have to comment that Ringwood is our local breweryand very excellent ale it is.

Oct 30, 2013 at 10:38 PM | Registered Commenterthinkingscientist

Do we know what happened? I can't find anything in the day's parliamentary reports online.

Oct 31, 2013 at 6:28 AM | Unregistered CommenterMessenger

Don't know if you read this Bish, but apparently the US are no longer going to allow funding of coal fired power plants around the world. Presumably this will hurt poor countries quite badly (unless they can get finance elsewhere).
Oct 30, 2013 at 2:18 PM | Unregistered
CommenterRobinson


What an excellent way to reduce the US's global influence. I don't think the world has anything to worry about until China decide not to invest in Coal fired power plant. The US would have to borrow the money form China to reinvest anyway.

Oct 31, 2013 at 2:42 PM | Unregistered CommenterEddieo

That the draft Enterprise and Regulatory Reform (Designation of the UK Green Investment Bank) Order 2013, which was laid before this House on 17 July, be approved.

Division No. 113.

Ayes: 290.

Noes: 22.

Question accordingly agreed to.

Oct 31, 2013 at 2:56 PM | Unregistered CommenterDerek

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