Jonathan Todd

Cumbria’s green energy industry is in line for major investment following the Budget. This has been welcomed by Labour’s Parliamentary Candidate for Westmorland and Lonsdale, Jonathan Todd, who is keen that the “green bank” proposed in the Budget assist local firms, like fluid engineering specialists Gilkes at Canal Head in Kendal, in the low carbon sector.

 The “green bank” is the centre-piece of a package of job-creation measures contained in the Budget and will be set up with £1bn from the Treasury, funded by the sale of government assets, and £1bn of private funding.

 Mr Todd said:

“It is thought that 400,000 ‘green jobs’ can be created over the next five years. The green bank is a partnership between the public and private sectors that will unlock this potential. I welcome the launch of a new hydropower turbine, designed by Kendal-based Inter Hydro Technology, at Heron Corn Mill in Beetham over Easter weekend and I hope that the green bank will encourage other local entrepreneurs to make full use of the new opportunities on offer to develop similar initiatives and expand their businesses.”

Labour Chancellor Alistair Darling said:

“This equity will unlock another billion pounds in finance from the private sector. The fund will focus first on investing in green transport and sustainable energy where Britain is already the world leader. It will help the UK secure new inward investment deals, and support thousands of extra jobs in these sectors.”