As part of an energy policy review the Government has decided not to provide further funding to the Green Deal Finance Company, and to stop any future funding releases from the Green Deal Home Improvement Fund.
This move was necessary to protect taxpayers, because the Fund had not provided sufficient value for money. Energy spending needs to be brought under control so that the Government can ensure that value for money is provided for families and businesses.
The Green Deal Finance Company closed to new applications when the cessation of funding was announced, but existing plans and approved applications will not be affected. It is also working to support applications that had been lodged in the weeks prior to the announcement and were currently being processed.
It is now time to consider its future, which we are doing. We will announce our decision in due course, but in the House of Commons on 7 February 2017, the Minister, Nick Hurd, explained:
“The Government set out the rationale for moving the Green Investment Bank (GIB) to the private sector in its policy statement “Future of UK Green Investment Bank plc” published on 18 November 2015, including the Government’s assessment of the role GIB has played in unlocking private investment in the green economy. The strong market interest in acquiring a stake in GIB since the sale process was launched on 3 March 2016 further demonstrates the positive impact GIB has had in the market”.