Business leaders and councillors in Bristol believe they have an excellent chance of attracting the world’s first dedicated Green Investment Bank (GIB) to the city.
Bristol is competing against 20 other UK cities to become home to the GIB – but following a high-powered delegation to ministers at the House of Commons last Monday, hopes are high that the bank’s HQ could be heading West.
Competition to attract the GIB is fierce, with Leeds and Edinburgh both mounting strong cases. But according to City Council leader Barbara Janke, Bristol starts from a much stronger position.
“Bristol is known nationally and internationally as a green city,” she told Bristol Business News. “When you add together our expertise in low-carbon technology and financial services, our high skills base and the fact that we are already home to many green organisations, then we fit the bill.”
The bid campaign, called Bristol: The Natural Home for the Green Investment Bank, sets out Bristol’s stall to secure the bank, which will make major inroads into leading the UK’s transition to a low carbon economy.
Spearheaded by a group of Bristol’s most influential business leaders in conjunction with the Local Enterprise Partnership (LEP) 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.
Monday’s event was hosted by Bristol West LibDem MP Stephen Williams and came on the day Business Secretary Vince Cable announced the criteria for the Green Investment Bank – with most of its points coinciding with Bristol’s bid.
The fact that a LibDem MP hosted a bid from a major city controlled by the same political party to a Cabinet minister who is also the LibDem’s second most-powerful minister in the coalition government is being seen as a major plus for Bristol. The fact that local elections next year will be critical for the party could also be a factor, insiders believe.
Mr Williams said: “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. Alongside my colleagues, I will continue to make our case to ministers in the coming weeks.”
Ahead of Monday’s meeting West of England LEP chairman Colin Skellett, who is also chairman of Wessex Water, added: “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.”
As the financial capital of the South West, Bristol boasts a strong track record in retail banking, insurance, share dealing, stock broking and ethical finance. It also has an unrivalled professional advisory sector, with the highest number of employees in the UK, totaling 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, while the latest UK Competitiveness Index ranked the city as the most competitive of its core counterparts in England.
