'Green bank' to be launched in this week's Budget

A ’green bank’ aimed at helping the UK switch to a low-carbon economy is to be announced by the Labour Party in this week’s budget.

According to a government source, a £2 billion fund will be used to set up the bank, which aims to encourage private sector investment.

It will be used to pay for projects associated with waste management, offshore wind power and railway infrastructure improvements.

According to Reuters, the anonymous representative said the money will ’increase the incentive for the private sector to enter the market at the scale and pace needed’, which may result in corporate banking clients stepping up their investment in environmental projects.

Chancellor Alistair Darling said boosting spending from the private sector will be ’the focus’ of this week’s Budget.

This may be the Labour Party’s last budget for the next few years, as opinion polls have the Conservatives as the favourite to win the upcoming general election.ADNFCR-2318-ID-19681263-ADNFCR