Wednesday, 23 March 2011

This is the big one in today's budget

Update: Chancellor of Exchequer George Osborne announces £2bn extra funding for Green Investment Bank - to launch in 2012

Green measures at a glance

Reactions on Twitter:

Dan Roberts, Guardian news editor: "Money for green investment bank but extra incentives for flying and driving. is that what they call joined up government?"

Kamal Ahmed, Sunday Telegraph Business Editor: "Delay to Green Investment Bank funding; Ingrid Holmes E3G: "It's like buying a powerful car and driving it around with the hand brake on"

New Economics Foundation: "Green Investment Bank resources trebled. So three peanuts rather than just one then?"

Institute of Mechanical Engineers: "Green Investment Bank needs £20bn to update infrastructure. Gets £3bn - a drop in the ocean..."

From earlier: What to look out for in today's budget: the Green Investment Bank:

This is the big one and the coalition has nowhere to hide. The GIB is intended to play a central role in driving the huge investment - £370bn by 2025, say some – needed in low carbon infrastructure in order to make the UK's economy green and sustainable.

The GIB was a Conservative and LibDem manifesto pledge, and a coalition pledge.

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