Friday, 25 November 2011
Official promoters and representatives of Manchester are making concerted efforts to bring the government's new Green Investment Bank (GIB) to the city, and spark a new wave of financial recruitment.
John Ashcroft, the chief executive of pro.manchester, is leading the bid to land the landmark-banking project, which is to be launched in April and will use £3 billion of public funding to support and develop low-carbon infrastructure projects.
Manchester is competing against other cities including London, Leeds, Liverpool, Edinburgh and Bristol for the bank, but Mr Ashcroft said that the wealth of financial talent in the city puts it in an excellent position for a successful bid.
"What we know is that Manchester has the largest financial and professional community outside of London, which employs 250,000 people and is set to grow by 30 per cent over the next decade," Mr Ashcroft explained.
"Secondly, there are more than 100,000 students at our universities, meaning we have a large talent pool and, thirdly, we are a cost effective location."
The intention behind the forming of GIB is to improve private sector investment in the UK's transition to a green economy. The £3 billion from the Government will fund the initiative until 2015, after which it will raise its own money through borrowing from other lenders.