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Mulholland lays out Leeds case as Government sets out details on the Green Investment Bank

December 12, 2011 5:35 PM

Greg Mulholland, Member of Parliament for Leeds North West and the MP who is co-ordinating the parliamentary campaign in support of the Leeds City Region bid, has welcomed that Vince Cable has set out the long-awaited process and criteria that will guide the awarding of the £3bn Green Investment Bank.

The Bank will operate independently from Government, but will agree its strategic priorities with the Government for each Spending Review period.

At least 80% of the funds committed by the Bank over the Spending Review period will be invested in these priority sectors, and is expected to make a 3.5 per cent average return on investment over five years.

The document also provides information about the likely structure of the GIB, and explains that it is expected to have between 50 and 70 staff in the period to 2015. Copies of the document have been placed in the House Libraries and will be available to download on the BIS website. Vince Cable intends to announce the decision on the Bank's location in February 2012.

The criteria that must be addressed in the self assessment are:

Greg said:

"The selection process outlined for the Green Investment Bank today shows that the Leeds City Region is exactly the sort of place that the Government is looking for: with access to relevant skills and markets, financial services expertise and an eager workforce, ever expanding and improving transport links and an area that is just waiting for such confidence to be shown in its abilities for it to shine."

"The benefits for the region regarding the cultivation of enterprise and skills development are to be embraced, and once the Region's self-assessment is submitted in the New Year, it will be evident that we in the very heart of the country can offer a unique base for this important new initiative."