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Green Investment Bank suffers in spending review

Chancellor George Osborne outlined the Spending Review this week, stating that he was confident the Coalition government would be able to save Britain from its current status on the edge of bankruptcy.

Osborne announced that included in the review were cuts to transport, defence, and benefits in an effort to reduce the Budget deficit by the year 2015.

One of the cuts involves the Green Investment Bank which will have to settle for one billion pounds of funding instead of the original two billion pounds that was announced by the previous government administration.

Osborne also announced that while public transport will have to take some cuts, £30 billion will still be set aside to be invested in projects over the course of the next four years and larger projects such as the Mersey Gateway Bridge and London’s Crossrail will still be completed as planned.

Also facing cuts is the Department for Energy and Climate Change which will have to streamline their budget by £5 billion which is not as bad as the cuts that the Department of Environment, Food, and Rural Affairs will face as their budget will be reduced by a whopping £8 billion.

On the other side of the cuts was the Society of Motor Manufacturers and Traders with chief executive of the group Paul Everitt stating that while the budget has been tightened, the organization as a whole is satisfied of the support towards their products and the fact that the government remains committed to ultra-low carbon transportation development.

At the same time, many green groups are angered by Government plans to cut subsidies to bus companies with rail fares due to increase as well which will make public transportation less desirable as an environmentally friendly and affordable choice.

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