Region loses out on Green Investment Bank

THE North West has failed in its bids to woo the Green Investment Bank, with the Government opting for Edinburgh and London.

Both Manchester and Liverpool and 16 other locations had applied to be the HQ of the bank, which is being set up with £3bn of public money and will finance early-stage renewable energy schemes.

Mr Cable said: “Harnessing the strengths of Edinburgh and London will support the Green Investment Bank’s ambition to become a world leader.

“Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the world’s leading financial centre, will ensure that the GIB’s transaction team can hit the ground running.”

“By basing the GIB’s corporate HQ, asset management and administrative functions in Edinburgh and its transaction team in London, we can harness expertise across the country to deliver a strong and successful GIB for the UK.”

The Department of Business said Liverpool, Manchester and Warrington had all made a second shortlist of 11.

Six locations, including Manchester, then went through to a final shortlist. Based based on a scoring ratio out of 200, Manchester with 100 points was ranked third behind London (200) and Edinburgh (115).

John Ashcroft, chief executive of pro.manchester, one of the leaders of the  Manchester GIB bid, was gracious in defeat, stating: “Naturally we would have preferred the bank to be located in Manchester but our recent success with the bid for the £50m Graphene centre offers some consolation.

“Edinburgh like Manchester has a thriving green sector and respected expertise in wealth and asset management. London, as the world’s leading financial centre, will ensure that the GIB’s transaction team can hit the ground running.

“Unlike some we do not see the decision as a political sop to Scotland to ward off devolution. Repatriation of the Stone of Scone would be a more prevalent manifestation of this intent.