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The below Parliamentary question was asked by Kevin Brennan on 2016-01-27.

To ask the Secretary of State for Business, Innovation and Skills, if he will allocate all funds raised by privatisation of the Green Investment Bank to green technologies in the UK.

Anna Soubry

The Government has put paying down our debt while investing in infrastructure at the heart of our long term economic plan. Proceeds from a sale of UK Green investment Bank plc (GIB) will help us deliver on both those objectives. Any proposal to allocate Government funding to other types of intervention to achieve green policy objectives would need to be considered individually on its merits.

GIB’s remit has always been to invest in green projects on fully commercial terms to help demonstrate green investment can be profitable and attract additional private sector investment into green sectors from mainstream finance providers. GIB will continue to perform that role in private ownership. Details of the other Government policy mechanisms in place aimed at promoting investment in more high risk projects and early stage technologies are provided at paragraphs 31 – 36 of our November 2015 policy statement on the future of GIB which can be found on the GIB pages of the GOV.UK website.

The below Parliamentary question was asked by Kevin Brennan on 2016-01-27.

To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the ability of a privatised Green Investment Bank to address market failures in the low carbon economy.

Anna Soubry

The Government’s position on this matter was set out in paragraphs 31 – 36 of our November 2015 policy statement on the future of the UK Green Investment Bank (GIB) which can be found on the GIB pages of the GOV.UK website.

This makes clear that GIB’s remit has always been to invest in green projects on fully commercial terms to help demonstrate green investment can be profitable and attract additional private sector investment into green sectors from mainstream finance providers. GIB will continue to perform that role in private ownership.

There are other Government policy mechanisms in place aimed at promoting investment in more high risk projects and early stage technologies.

The below Parliamentary question was asked by Kevin Brennan on 2016-01-27.

To ask Mr Chancellor of the Exchequer, whether his Department has made an assessment of the number of workers who would be affected if the exit payments cap for public sector workers was set at any other amount than £95,000.

Greg Hands

At the 2015 Spending Review the Government announced it will consult on further cross public sector action on exit payment terms. This consultation will provide a good opportunity to collect further information on the trends in the level of exit payments between the private and public sector.

Exit payment terms vary significantly across the private sector, and there will be examples of terms that match or even exceed those in the public sector. However, the Government has seen no evidence that redundancy terms such as employer-funded early retirement, which are widely available across the public sector and often cost employers tens, or even hundreds of thousands of pounds per person, are replicated to anything like the same extent in the private sector.

The precise number of those affected by the public sector exit payment cap will depend on the number and type of exits in coming years.

However, as the average cost of an exit in the public sector in recent years has been around £25,000 the vast majority of exits are below the level of the cap. For example, less than 2% of recent exits in local government were above the level of the cap.

The below Parliamentary question was asked by Kevin Brennan on 2016-01-27.

To ask the Secretary of State for Business, Innovation and Skills, whether he plans to invest any unallocated funding held by the Green Investment Bank at its point of privatisation into green projects in the UK.

Anna Soubry

The Government has put paying down our debt while investing in infrastructure at the heart of our long term economic plan. Proceeds from a sale of UK Green investment Bank plc (GIB) will help us deliver on both those objectives. Any proposal to allocate Government funding to other types of intervention to achieve green policy objectives would need to be considered individually on its merits.

GIB’s remit has always been to invest in green projects on fully commercial terms to help demonstrate green investment can be profitable and attract additional private sector investment into green sectors from mainstream finance providers. GIB will continue to perform that role in private ownership. Details of the other Government policy mechanisms in place aimed at promoting investment in more high risk projects and early stage technologies are provided at paragraphs 31 – 36 of our November 2015 policy statement on the future of GIB which can be found on the GIB pages of the GOV.UK website.

The below Parliamentary question was asked by Kevin Brennan on 2016-01-27.

To ask the Secretary of State for Business, Innovation and Skills, whether he has made an assessment of the projects with which the Green Investment Bank has been involved which would not have gone ahead without investment from that Bank.

Anna Soubry

One of the UK Green Investment Bank’s (GIB’s) objectives is to invest in green projects that would not go ahead, or would not go ahead as quickly, without investment from GIB. The majority of the projects GIB supports fall into this category.

Where GIB has invested in projects that are already operational, this has been for the purpose of building a secondary market for such assets which releases the funds of project developers to invest in new construction projects

The below Parliamentary question was asked by Kevin Brennan on 2016-01-27.

To ask Mr Chancellor of the Exchequer, whether his Department has carried out benchmarking of the public sector exit payment cap against comparable private sector roles.

Greg Hands

At the 2015 Spending Review the Government announced it will consult on further cross public sector action on exit payment terms. This consultation will provide a good opportunity to collect further information on the trends in the level of exit payments between the private and public sector.

Exit payment terms vary significantly across the private sector, and there will be examples of terms that match or even exceed those in the public sector. However, the Government has seen no evidence that redundancy terms such as employer-funded early retirement, which are widely available across the public sector and often cost employers tens, or even hundreds of thousands of pounds per person, are replicated to anything like the same extent in the private sector.

The precise number of those affected by the public sector exit payment cap will depend on the number and type of exits in coming years.

However, as the average cost of an exit in the public sector in recent years has been around £25,000 the vast majority of exits are below the level of the cap. For example, less than 2% of recent exits in local government were above the level of the cap.