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Bristol aims to hit nail on the head with Green Investment Bank
Release date: Mon, 12/12/2011
Bristol is set to reveal its business case to bring the world’s first dedicated Green Investment Bank to the city at the House of Commons on Monday 12 December.
The city’s bid campaign: Bristol: The Natural Home for the Green Investment Bank hopes to secure the location for the bank, which will make major inroads into leading the transition to a low carbon economy.
Spearheaded by a group of Bristol and the South West’s most influential businesses and leaders of industry in conjunction with the Local Enterprise Partnership and Bristol City Council, the case focuses on the region’s highly skilled workforce, close proximity to London and access to international markets.
Competitive property prices compared to the capital, strong financial credentials, a fast-growing low carbon sector and extensive professional and education support networks are also key claims in headquartering the Green Investment Bank (GIB) in Bristol.
The event, which is being hosted by Stephen Williams MP, is aimed at bringing together the group backing the bid.
Stephen Williams said: “I am delighted to launch Bristol’s bid for the Green Investment Bank. It’s clear that we have an excellent case for bringing the Bank to Bristol.
“We have the business expertise, passion for sustainability and professional infrastructure needed for the Bank to succeed. We have cross-party support for the bid, alongside the support of the business community in the South West. Alongside my colleagues, I will continue to make our case to Ministers in the coming weeks.”
Colin Skellett, Executive Chairman at Wessex Water and Chairman of the West of England Local Enterprise Partnership, said: “Our bid is a collaborative effort involving the public and private sectors in the city, reflecting the overwhelming support and enthusiasm for the bank to be located in Bristol. The city has all the attributes to make the Green Investment Bank a success for the benefit of the whole of the country.
“No other core city in England can demonstrate such a strong private sector driven competitive business environment with a deep talent pool of skills, and which is easily accessible to London and international business centres. We believe Bristol will provide the base for a successful, profitable and sustainable future for the Bank.”
Barbara Janke, Leader of Bristol City Council, said: “Bristol has the right credentials to be the natural home for the Bank. No other city can boast such a persuasive business case. We are already home to organisations such as the Soil Association, Environment Agency, Hargreaves Lansdown and Triodos Bank, and combined with our environmental technologies sector, education and transport infrastructure, means we are an ideal location for the Bank.”
Bristol is the financial capital of the South West, with a strong track record in retail banking, insurance, share dealing, stock broking and ethical finance. It also has an unrivalled professional adviser sector, with the highest number of employees in the UK, totalling 37,000.
The city has a burgeoning environmental technologies and services industry and is home to 4,260 businesses in the sector, employing 77,700 people and enjoying a ‘market share’ of 8% of total UK environmental technology and services sales.
Independent reports also strengthen Bristol’s business case as the ideal location for the bank. The Centre for Cities in 2011 identified Bristol as one of the best placed cities for a private sector led recovery.
HSBC this year highlighted Bristol as one of the “super cities” destined to play an increasingly prominent role on the national and international stage thanks to its strength in key growth industries.
McKinsey and The World Economic Forum also identified Bristol as a hot spring of innovation based on the number of international patents taken out in the city, whilst the latest UK Competitiveness Index ranked the city as the most competitive of its core counterparts in England.