I thank my hon. Friend for his excellent intervention, which I wholeheartedly endorse. We have always said the Green Investment Bank would stay green after privatisation. Green investment is what it does, as its management have made clear. We have explained that the only reason we are repealing the green protections from legislation is to allow the GIB to move to the private sector, by removing state control over the bank. However, we understand the concerns raised by hon Members and noble Lords, and we have found a device to protect the GIB’s green purposes without legislation.
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I am very grateful to Lord Smith of Kelvin, who, as has been mentioned, has written to Opposition Members in the other place explaining the view of those currently in charge—I shall put it in that way—of the GIB about this special measure and why they absolutely have all confidence in it actually achieving what we all want to achieve. This is the device that cures the mischief.