**Newsflash** Green investment bank will have £1bn

The green investment bank was never likely to be scrapped entirely in today’s CSR, but George Osborne’s announcement that it will receive only £1bn will dismay many environmentalists. As Greenpeace wrote for this blog, they wanted to see the bank receive at least £6bn.

Even yesterday, it was being reported that the bank would receive £2bn, so this will come as a major disappointment for green campaigners*.

You can follow live coverage of the spending review here.

* Although I am told that the extra money that will be raised for the GIB from government asset sales could reach £1bn, so that would explain the £2bn figure.

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