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Clarity over Green Investment Bank criteria welcome

December 12, 2011 2:42 PM
Originally published by Scottish Liberal Democrats

Edinburgh West MP, Mike Crockart, has today welcomed the announcement by the Secretary of State for Business, Innovation and Skills of the criteria which will be used to decide the location of the Green Investment Bank.

Mike Crockart MPMike Crockart MPThe announcement comes on the back of a Parliamentary Question by Mr Crockart last week in which he pushed the Business Secretary to publish the factors to be used in the decision.

Commenting, Mr Crockart said:

"Today's announcement brings to an end months of speculation over what criteria will be used to decide the location of the UK's first Green Investment Bank.

"The document which sets out the criteria makes it clear that any proposed location must satisfy the basic needs of the GIB as an organisation. These are to have good national and international transport and communication links as well as appropriate available office accommodation with good energy efficiency and environmental performance ratings. I am in no doubt that Edinburgh can meet these without any difficulty whatsoever.

"Assuming the basic requirements are met, locations will then be considered against three criteria specific to meeting the particular needs of the GIB. These range from the ability to attract staff with the necessary expertise to considerations of cost effectiveness.

"Having looked at the criteria, I am sure that Edinburgh will put forward a compelling case. There is no doubt that we already have individuals with extensive expertise in the financial sector as well as world leaders in renewable technology. Edinburgh could certainly ensure that the GIB delivers its primary objective of increasing the speed and scale of commercial investment in the UK's green infrastructure.

"The bank would bring with it an initial £3 billion as well as the creation of 50-70 jobs by the 2015. The benefits of the bank would be felt across Scotland and crucially would attract other investors and industry to think about Edinburgh as a base. This would further enhance Edinburgh's reputation as a global financial and technological hub.

"The Government has stated its commitment to an open and transparent decision process and this, along with clarity over GIB criteria, is most welcome. I look forward to continuing my work to make Edinburgh's case before the Secretary of State makes his final decision in February."