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.