Budget 2010: Plans for £2bn green investment bank

The Chancellor has pledged to set up a £2bn investment bank to fund green transport and technology.

Half the assets from the bank will be provided by the Government, with the rest coming from the private sector. The Chancellor says the first investments will be in offshore wind power. Up to £60m will be invested in the development of port sites to support offshore wind turbine manufacturers. It will help locate new facilities in the UK and secure lowcarbon manufacturing jobs. In addition, the Government will bring forward proposals this autumn, with a White Paper by spring 2011, a summer consultation on the mechanisms to provide greater certainty for low-carbon investment. Hender...