Labour Party: Tory-led Government needs to set out the extent of borrowing power for the Green Investment Bank - Denham & Hillier

John Denham MP, Labour’s Shadow Business Secretary and Meg Hillier, Labour's Shadow Energy and Climate Change Secretary, responding to Nick Clegg’s launch of the Green Investment Bank today, said:

"The challenge for the Green Investment Bank will be to ensure a breadth of investment that allows innovative green industries to grow and take advantage of new markets. But the Tory-led Government needs to set out the extent of borrowing power.

"If the Government believes in giving the bank powers to raise its own finance then the decision to wait until 2015 before doing so is the wrong way round.

"If you haven't got people off benefits and into work paying taxes, it's harder to get the deficit down. So the Government should be focused on growth and jobs now, including in our emerging green industries, as this is vital to reducing the deficit.”