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Major UK banks in LEP talks
Release date:
Wed, 25/01/2012
Representatives of the South West’s largest banks have met with Colin Skellett and Barbara Janke to look at ways of unlocking greater levels of investment in the local economy.
The meeting was organised by the West of England Local Enterprise Partnership and banks attending included Barclays, Lloyds TSB, Santander UK and HSBC.
The agenda focussed on:
· Lobbying Government in advance of the Budget on 21st March on advancing investment in the local economy and SMEs. Access to finance is cited as local businesses’ greatest barriers to growth.
· Measures to tackle high levels of youth unemployment, looking at the Backing Young Bristol campaign and ways the banking sector can support it and other initiatives
· Financial mechanisms available to cities for investment in infrastructure and skills, looking at innovative models of investment such as tax increment financing or municipal bonds
· Bristol’s bid for the Green Investment Bank and the support the banks can play to reinforce Bristol’s strong case
Chair of the LEP, Colin Skellett said: “A top priority for the LEP is looking at how we can help unlock greater levels of investment in the local economy, both in businesses themselves and in creating an environment for growth.
“Small and medium-sized businesses particularly across our region are united in their call for more to be done to ease access to finance to help them grow.
“The meeting with the banks was a good opportunity to explore areas where we have common goals, particularly in our discussions with central Government ahead of the Budget to influence local and national policies on economic development.”
Vice-Chair of the LEP Cllr Barbara Janke said: “The Centre for Cities latest report again highlights the role successful cities like Bristol can play in driving growth and creating jobs. Indeed Bristol now has the highest employment rate of any major city and we must build on this.
“We’ve been clear for a long time that we want local authorities to be more financially independent of central government. The banks were receptive to our innovative ideas for how we could support investment in the local economy, such as tax increment financing or municipal bonds.”
