Breaking news: Yorkshire green bank bid fails

YORKSHIRE has missed out on the chance to host the Government’s Green Investment Bank.

Business Secretary Vince Cable announced that the bank would be based jointly in Edinburgh and London, beating off competition from more than 30 bids which included pitches from Leeds, Sheffield and Hull.

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.

“This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK’s transition to a green economy.”

The Green Investment Bank is a new Government institution that will invest £3bn in green infrastructure projects.