Labour yesterday announced plans to deliver a “radical shake up” of the UK banking system to kick start a “Green Industrial Revolution” in the UK. Shadow Chancellor John McDonnell said Labour’s plans for a National Investment Bank – first outlined in the 2017 manifesto – would spur development of green manufacturing and businesses across the UK. But he stopped short of a promise to revive the Green Investment Bank, established by the coalition government in 2012 with the express remit of investing in green industries, but which was sold to Macquarie in August 2017. Instead McDonnell said Labour would build a “new public banking ecosystem” by setting up a new Post Bank tied to the Post Office, keeping RBS in public ownership and setting up a National investment Bank to support small businesses and green infrastructure upgrades across the country.
Business Green 1st April 2019 read more »