Amendment proposed: 76, page 3, line 24, at end add—
‘(7) Subject to the approval by the European Commission of the State aid notification concerning the establishment of the UK Green Investment Bank, the Secretary of State shall provide the European Commission with State aid notification concerning the intention to allow the Bank to borrow, including borrowing from the capital markets.
(8) The duty in subsection (7) must be fulfilled no later than
(9) It is the duty of HM Treasury and the Secretary of State to either—
(a) permit the UK Green Investment Bank to begin borrowing from the capital markets by April 2015, or
(b) to present to Parliament a report within one month of the passage of this Act giving a clear, certain, alternative date for the UK Green Investment Bank to begin borrowing, based on Office for Budget Responsibility forecasts for the public finances and advice from the Green Investment Bank on its need for borrowing powers,
both subject to the European Commission approving the State aid notification concerning borrowing.’.—(Mr Iain Wright.)
Question put, That the amendment be made.
The House divided:
Ayes 222, Noes 285.