The Green Investment Bank is a real success story. Publicly owned, it has helped fund innovative new smart green technologies to fight climate change and attracted capital to UK infrastructure.

It is widely rumoured that Australian investment bank Macquarie is set to purchase the bank (Is May being green about Macquarie? 10 January). Yet, it makes absolutely no sense to sell it off, least of all to a company with Macquarie’s record of buying assets, stripping them, paying itself huge dividends and selling off what’s left. It has a similarly been criticised over its tax strategy. Press reports suggest Macquarie is already making plans to offload projects and assets after it has taken control of the bank, and the government would be powerless to do anything about it if the deal goes through. In last Wednesday’s exchange in the House of Commons, where I flagged up my concerns about Macquarie, the minister also refused to rule out investment in fracking projects by the future owner of the bank.

Theresa May needs to put a halt to this ill-thought idea now and step in to protect the Green Investment Bank’s assets and its green credentials.

Catherine West MP

Labour, Hornsey & Wood Green

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