Budget 2011: City region bids for Green Bank branch
THE Leeds City Region has opened negotiations with the Government over plans to host an arm of the Green Investment Bank announced by the Chancellor in the Budget.
George Osborne promised to use the sale of assets, including £775m raised by offloading the channel tunnel high speed rail link, to provide the Bank with funding worth £3bn to help move the UK to a low carbon economy.
Leeds City Council chief executive Tom Riordan has previously expressed an interest in the Green Investment Bank having a Yorkshire presence.
Neil McLean, chairman of the Leeds City Region Local Enterprise Partnership, said: “The Leeds City Region LEP welcomes the budget announcements on the Green Investment Bank.
“We are currently exploring with Government the potential for a northern arm of the bank to be located within the City Region, taking advantage of the areas strong financial services sector.”
|
Click here to read all our Budget 2011 coverage in association with Ernst & Young |
Mr Osborne said the Green Investment Bank will open for business next year and look to give it the power to borrow from 2015.
The Government hopes the Bank’s funds will help leverage in private finance leading to £18bn of additional investment in green infrastructure by 2015.
Tim Bottrill, partner at the Sheffield office of Knight Frank, said: “Giving the green investment bank the ability to raise capital, rather than just act as a finite fund, allows for much greater financial fire power and flexibility in the investment decisions the bank can make.”
