Green Investment Bank
Baroness Chapman of Darlington Excerpts(7 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Mr Hurd
I return again to the main point about the questions we ask of bidders and the criteria we set. We want to achieve value for money; we are selling an ongoing concern, and we are determined to protect the integrity of the green purpose of the organisation, so we want to hear plans for the mobilisation of future investment and future capital. If models are working, I am sure that any bidders that are professional organisations that view the GIB as a business will have regard to them. That is what we want to hear from bidders, and we are at the point in the process where we are evaluating that. I am afraid I cannot say a great deal more beyond that.
Jenny Chapman (Darlington) (Lab)
For the sake of transparency, can the Minister tell the House whether the GIB will be able to invest in fracking in the future?
Oral Answers to Questions
Baroness Chapman of Darlington Excerpts(7 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Jesse Norman
I absolutely take my hon. Friend’s point, but these issues need to be considered in the round and there are provisions in the current structure for local funding to allow areas to share visions and investment potential.
Jenny Chapman (Darlington) (Lab)
The Government know how important the energy sector is to the north-east and in the past have made commitments about insisting on local content in projects such as offshore wind. What are they doing to assess, monitor and, if necessary, impose penalties when promises of local content are not met?
Jesse Norman
The Government have a rigorous assessment process for local content. Most recently, the Hinkley Point C station was subject to provisions for more than 60% local content. If the hon. Lady knows of any instances in which the Government are not following up on this, she is welcome to write to the Department.