TWO Green MSPs are lobbying the Scotland Office to intervene in the potential sale of the Green Investment Bank.
Alison Johnstone and Andy Wightman want the UK government’s office in Scotland to ensure that the bank maintains its commitment to environmental causes and that it safeguards the 55 jobs it has in Edinburgh; the city the MSPs represent.
It was reported last week that Westminster MPs, including Green MP Caroline Lucas, are calling on the Prime Minister to stop the Green Investment Bank being “killed off” by a sale to a private firm because of fears the assets will be stripped and its environmental purpose abandoned. Both MSPs have written to the Scotland Office in Edinburgh outlining their concerns, including the “long-term record” of Macquarie, the firm considered to be the preferred bidder, of “slashing jobs”.
Lothian MSP and member of Holyrood’s Economy, Jobs and Fair Work committee, Andy Wightman said: “Reports of the Green Investment Bank being sold to the Australian investment bank, Macquarie have quite rightly prompted fears of strategic asset-stripping and profiteering. In 2005, the London Stock Exchange deemed Macquarie as an unsuitable owner for taking over companies due to the reputation the financial group had for the scale of its asset-stripping.
“There is a human element to this story which has not been touched upon. As a significant contributor to Edinburgh’s financial services sector, the sale of the Green Investment Bank could lead to the devastating loss of 55 jobs in this city.”
Alison Johnstone MSP, who also represents Lothian said: “With public interest in financial accountability at an all-time high, it would be foolish for the Green Investment Bank to be purged of its successful ventures in financing key environmental projects throughout Scotland and the UK. As we begin the transition to a zero carbon economy, the fate of the Green Investment Bank, which is a key player in supporting this, cannot be allowed to be held in the hands of irresponsible corporate profiteers who have already made investments in fracking and open cast coal mining throughout Asia, Australasia and Europe.”
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