Member Article

Manchester campaigns to host Green Investment Bank

A key promoter of Manchester’s economy, pro.manchester is working to bring the Government’s Green Investment Bank to the city.

John Ashcroft, chief executive of pro.manchester is leading the bid for the new banking initiative that aims to stimulate the development of green infrastructure.

To be launched in April, the bank will use £3 billion of public funding to support and develop low-carbon infrastructure projects, which the Government hopes will lead the transition to a green economy.

Mr Ashcroft hopes Manchester’s strong professional services sector will give the city the edge when it comes to securing the institution.

He said: “What we know is that Manchester has the largest financial and professional community outside of London, which employs 250,000 people and is set to grow by 30% over the next decade.

“Secondly, there are more than 100,00 students at our universities, meaning we have a large talent pool and thirdly, we are a cost effective location.”

London, Leeds, Liverpool, Edinburgh and Bristol are all keen to secure the bank, which promises to prompt financial recruitment.

The bank’s start-up capital will match £15 billion of private sector funding over the next four years, after which it will borrow funds from private money markets and begin to upscale its activity.

An advisory group will provide strategic direction for the bank, chaired by Sir Adrian Montague, non-executive chairman of investors 3i, Anglian Water Group Ltd, CellMark Investments AB, and non-executive director of Skanksa AB.

This was posted in Bdaily's Members' News section by Tom Keighley .