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The Tyler Group News

The Tyler Group News

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  • Economic good news gives Labour more headaches

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    Mark Carney's first assured outing as Bank of England governor will not have lifted already depressed Labour spirits. The Bank now expects GDP to rise by 0.6% in the third quarter of this year, rising to 2.6% a year in two years.

    In addition, unless employment grows suddenly, he said, he did not foresee any need to raise interest rates above their current 0.5% until 2016, after the election.

    If Britain is suffering from the wrong kind of growth – a debt-fuelled housing boom – voters will not have to pay the price until after the election.

    To make matters worse for Labour, YouGov polling this week for the first time suggested voters were now evenly split on whether the spending cuts were the right idea. Polling produces different results according to the precise question asked, but it shows a trend towards voters accepting that austerity was the right course for George Osborne to choose.

    Even on the more sophisticated left blogs, economists are asking themselves whether austerity was right. (Their answer remains no.)

    Osborne himself was jubilant this week, saying the shadow cabinet had not just intellectually but physically left the pitch, deserting the political battleground for the beaches.

    Labour in its defence pointed out that Carney had said this remained the slowest recovery in output on record. But Ed Balls has long recognised that growth would return at some point before the election, even if some of his advisers may be privately startled by the ...

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    The Equitix-managed Energy Saving Investments (ESI) fund, which the UK Green Investment Bank (GIB) is a cornerstone investor, is to provide £576,733 financing for the installation of a biomass boiler at the Tomatin Distillery near Inverness, Scotland.

    GIB is providing half of the £1.2m investment, with a further £600,274 coming from the Equitix Energy Efficiency Fund (EEEF). It is being made in partnership with manufacturer of UK wood pellet biomass Balcas.

    UK Green Investment Bank CEO Shaun Kingsbury said, ‘I am pleased to be able to announce our first Scottish investment. As well as significant emission reductions, the project will provide a boost to the local economy.

    We have a strong pipeline of investments in Scotland and hope to be able to announce further investments in Scottish distilleries, as well as other projects, very soon.’

    The ESI fund makes up a chunk of GIB’s investment allocation into energy efficiency – one of its priority sectors. GIB awarded the competitive fund mandate to Equitix to invest £50m, to be matched by private investment, in order to drive investment into small-scale low carbon infrastructure in need of under £30m of financing. Equitix also established the EEEF to make investments into energy efficiency.

    The boiler to be installed at the Tomatin Distillery will produce steam needed for the production of whisky. It will run on Balcas’ sustainably sourced wood pellet fuel, cutting emissions by over 96,500 tonnes from the...

UK’s Green Investment Bank provides funding for £1.2m biomass boiler

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