All four West Country bids from Bristol
(Eden Project) to be home to the UK’s new and first Green Investment Bank
(GIB) have been snubbed as Business Secretary Vince Cable announced on Thursday (8th) that the headquarters will be in Edinburgh, with the main transaction team in London
Capitalised with £3 billion, the GIB will play a vital role in addressing market failures affecting green infrastructure projects in order to stimulate a step up in private investment as the UK makes bold steps in the transition to a green economy.
While it does not come as much of a surprise since neither Cornwall nor Devon has a significant banking sector, both regions are pioneers in the promotion of renewable energy industries. In addition, the Government repeatedly hails the potential for wind, wave, geothermal and solar technology in the region. The South West bids therefore were within their right to feel they had a strong chance.
For Adrian Sanders
, Liberal Democrat MP for Torbay, the decision was disappointing but not a surprise
: “They [Devon and Cornwall] didn't lose a lot of banking jobs in the last few years like London and Edinburgh. The main priority will be to ensure that the new bank directs the right investment to areas like the South West that urgently need new jobs.