New Clause 22 — Interpretation of the green purposes: duty to assess impact on the Climate Change Act 2008

Part of Relationship, Drug and Alcohol Education (Curriculum) – in the House of Commons at 3:45 pm on 17th October 2012.

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Photo of Matthew Hancock Matthew Hancock The Parliamentary Under-Secretary of State for Business, Innovation and Skills, The Parliamentary Under-Secretary of State for Skills 3:45 pm, 17th October 2012

The amendment will allow the bank in future to invest in the UK or elsewhere, but we have amended the bank’s statement of objects in its articles of association so that the bank’s activities are limited to those the board considers will, or are reasonably likely to, contribute in the UK to one of the green purposes. I hope that that answers both questions and addresses the reasonable point made by the Opposition that UK public spending should have a UK focus. We think this is the way to deliver the best of both worlds. The bank’s directors will be required to act in accordance with the company’s constitution to ensure that the bank contributes to the United Kingdom, and there will be flexibility for the future without the need for future primary legislation.