City placed to cash in as green bank HQ

EDINBURGH is well placed to meet the criteria set out by the UK Government to decide the location of the new Green Investment Bank, campaigners said today.

They warned, however, that there was still work to do to ensure the new institution is based in the Capital rather than any of the 20-plus rivals also bidding to host it.

The bank, which will invest in renewables projects in a bid to win them more private finance, is expected to create around 50 jobs, but also attract new investors and industry.

Business Secretary Vince Cable revealed more than 20 places across the UK, including Cardiff, Bristol, Manchester, London and Liverpool, have expressed an interest in becoming the bank’s headquarters.

He also set out the criteria to be used in making the decision, expected in February.

The three tests to assess a location’s suitability will be the ability to recruit and retain staff with the necessary specialist expertise and experience; the opportunity to work closely with other investment bodies, project developers and green technology providers; and being cost effective.

Edinburgh West Liberal Democrat MP Mike Crockart said: “I am in no doubt that Edinburgh can meet these without any difficulty.

“There is no doubt we already have individuals with extensive expertise in the financial sector, as well as world leaders in renewable technology.

“The bank would bring with it an initial £3 billion, as well as the creation of 50-70 jobs by 2015. The benefits of the bank would be felt across Scotland and crucially would attract other investors and industry to think about Edinburgh as a base. This would further enhance Edinburgh’s reputation as a global financial and technological hub.”

Edinburgh North and Leith Labour MP Mark Lazarowicz said: “The Green Investment Bank could be one of the keys to getting the economy growing again by investing in green industry to create new skilled jobs.

“With its strength in financial services and innovative companies in the green economy, Edinburgh meets the selection criteria perfectly.

“We need the bank to be up and running as soon as possible, so it is a real concern that it won’t be given borrowing powers until 2015 and only then if public sector debt is falling. The UK coalition should think again so the bank has the powers to make a real impact.”

Graham Birse, deputy chief executive of Edinburgh Chamber of Commerce, said he feared London was Edinburgh’s most serious rival.

He said: “We believe Edinburgh’s bid matches and exceeds anything any other cities can offer. We have been working on this for nearly a year, but as the race enters another stage, we need to be even sharper in presenting Edinburgh’s case.”