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High Speed 1

Volume 518: debated on Thursday 18 November 2010

16. Whether the proceeds from the sale of High Speed 1 will be added to the start-up capital for the green investment bank. (24736)

I am unable to provide commercially sensitive information on individual asset sales, but I can say that I do not expect the proceeds of the sale of HS 1 to be used for the green investment bank. Instead, they will make a contribution to reducing the stock of national debt.

The Secretary of State has referred to his own policies as Maoist, but may I suggest that he is more like Chiang Kai-shek? He is losing the war, he has retreated to his own little island, and he is increasingly cut adrift from the mainland of this Tory Government.

That blizzard of rhetoric rather disguises the fact that in setting up the green investment bank we are making a very real commitment to investment in a green economy, and a substantial Government financial commitment has been made to it.