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City’s jostle for green investment bank

Many cities are bidding for the opportunity to host the green investment bank that the government hope will help in paying for the countries movement to an economy free of pollution. Leeds city is one of the latest to offer a bid and minsters are being urged to choose the city over its rival London.

London is just one of the rivals that Leeds is facing and other major cities, including Edinburgh, Bristol and Manchester are all hoping that the bank will come to them. It is predicted that the bank will bring around a hundred jobs, but the most important factor will be what the bank stands for – a transition to a greener economy.

The economy in the UK is unbalanced with most of the power being held in London and the South East. The government have made pledges to rebalance the difference and many see that if Vince Cable made the decision to house the bank in Leeds that this would be a step in the right direction.

Business leaders are some of the key people who are presenting the case that the bank should come to Leeds. So far people have been highlighting that the area already has a positive green record with many companies in the area working to reduce their carbon emissions.

Advocates have also said that Leeds is the second biggest city in the UK for providing professional services. They also highlight the work of non profit C02 Sense, which supports green businesses. They have also said that Leeds will provide the best value for money to the bank out of all the bidders.

The Conservative MP for Ripon and Skipton has said, “Yorkshire has a great capability to set up low emission infrastructure, this already existing ability will give us a large advantage over the competing cities. Placing the bank in Leeds will not only help to rebalance the economy but it will bring benefit to the UK as a whole. We are working hard to get the investment money that we need from Europe and the UK Government.”

Vince Cable has commented that, “The bank should be near to commercial banks, institutional investors and private equity houses.” This means that he may well be looking to place the bank in London.

A Liberal Democrat MP, Greg Mulholland, has said that the main bank should be located outside London with a smaller branch in the city. Mr Mulholland said that, “Placing the bank in London is just going to be a missed opportunity. This bank would really help to being regeneration to parts of the North that have suffered in the recession. Mr Cable should remember that this won’t just boost Leeds, but the whole of the North of England.”

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