Co-operative Financial Services reiterates commitment to green financing

Wed, 21 Mar 2007

As the UK prepares to pore over the details of chancellor Gordon Browns' 11th Budget, Co-operative Financial Services has sought to underline its own green credentials.

Later today, Chancellor Brown is widely expected to propose a host of eco-friendly tax incentives, such as increasing road tax for fuel-guzzling vehicles and reducing levies for homes powered by renewable energy sources.

However, Co-operative Financial Services, parent of Co-operative Insurance and Co-operative Bank, has pointed out that it has been offering green discounts for years.

For instance, it claims that its insurance arm was the first in the UK to launch an eco-friendly motor insurance package that includes offsetting 20 per cent of CO2 emissions, while its banking wing has been offering green mortgages since 2000.

"Customers that choose the Co-operative Bank and Co-operative Insurance can be safe in the knowledge that their finances are being used positively for the environment," affirmed David Newman, marketing director at Co-operative Financial Services.

The Budget is scheduled to be unveiled at 12:30 GMT.

With prime minister Tony Blair having indicated last year that he plans to step down before September 2007, it is widely believed that this will be the last Budget from Chancellor Brown.

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