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How long does it take for a good idea to get wings? Colin Hines and I first proposed green bonds in 2003. A week ago Starmer used the idea. Now, apparently, they are going to be announced in the budget, in a half hearted way. That’s progress, but there is a long way to go.
If bonds are to be used to fund the recovery three things are essential. First they have to pay an above average rate of interest. Second, they have to be government guaranteed. Third, the link to investment has to be very obvious and real.
So, the bonds have to guarantee investment where people are. There should be regional, Scottish, Welsh and Northern Ireland bonds in that case.
