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Labour leadership candidate opposes GIB privatisation

Labour leadership candidate opposes GIB privatisation


Owen Smith, who is challenging Jeremy Corbyn for the leadership of the Labour Party, has said he opposes the government’s plans to privatise the Green Investment Bank (GIB). Speaking on Monday 8 August, Smith said that the decision was “wrong for the green economy, and wrong for Britain”. Explaining that, if he were prime minister he would keep the bank in public hands, Smith said: “So far the bank has committed £2.7bn to the UK's green economy, generating transactions of £11bn––a good start but nowhere near enough. To achieve our legally binding environment targets we require an investment of £330bn in the UK's green economy by 2020.”