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New lender set to miss annual £1.5bn target, independent fiscal watchdog finds
MPs accuse lender of lacking ‘strategic vision’ of where to target investment
Chief executive defends using third-party managers while group builds its own expertise
Institution was set up last year to back projects that support transition to net zero and ‘levelling up’
State lender will seek to channel billions of pounds into projects as part of government’s ‘levelling up’ agenda
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