By Tony Lloyd MP - 1st February 2012
Tony Lloyd MP explains why he feels the world's first sustainable investment bank should be in Manchester.
The success of the Green Investment Bank is vital for the future of the low carbon economy. We believe the best place to ensure that success is in Manchester.
The Green Investment Bank is a world first, it is a chance to bring a truly sustainable institution to the UK and drive forward a low carbon economy.
As an MP working in Manchester, it's obvious why I’d advocate my city as the ideal location for the Bank, but my reasoning and support go much beyond a geographical affinity.
I believe Manchester excels in every single aspect of the government's key criteria for the Green Investment Bank.
It is a truly global city with a strong track record of successfully delivering finance projects into the green economy, well connected nationally and internationally.
It has a good offering of energy efficient and environmentally friendly office accommodation with the highest number of BREEAM rated buildings outside of London.
Manchester has the largest business, financial and professional sector outside of London. It is home to the Manchester Private Equity Group, considered to be the largest centre for mid tier private equity in Europe.
Manchester is the natural choice for the location of the bank, to access the experience, knowledge and performance within the city region. Over 250,000 people work in the business, financial and professional services sector, expected to grow by 50,000 to 70,000 over the next ten years.
The Green Investment Bank needs good national and international transport and communication links. We offer Manchester Airport - great international connectivity, excellent UK road and rail travel times, the Northern Hub, improving travel to work times into the city and Metrolink - part of an integrated transport plan for Greater Manchester.
The Green Investment Bank needs the ability to recruit and retain staff with the necessary specialist expertise and experience. We offer the largest financial and professional Services Sector outside of London, home to the Manchester Private Equity Group, 50,000 in the banking, finance and insurance sector alone, 100,000 students are on campus in five universities
Pro.manchester is the largest financial and professional services organisation in the UK with over 300 companies, and 5,000 active members celebrating its 25th anniversary this year. All of the major banks, accountants, law firms and corporate finance players form part of the pro.manchester network.
Pro.manchester has already created specialist panels to work with the Green Investment Bank in finance, advisory services, the green economy and recruitment.
The Green Investment Bank needs - a quality transaction 'ecosystem' in the locality. We offer a large deal flow within a large corporate finance sector including access to finance teams, leading green technology providers, a strong public private sector partnership and a commitment to research and development.
The Green Investment Bank must obtain a cost effective location. We believe we offer the top location, offering highest quality for a given level of cost. Manchester continues to secure new business into the city because it has a very competitive offer in relation to location, infrastructure and recruitment costs. Compared to London, cost savings can sometimes exceed 40 per cent.
Recent recruits into Manchester include the Bank of New York Mellon and RBS Global Banking Services. Both investments are a testament to the strength of the bid for the Green Investment Bank.
There's no doubt in my mind of the compelling case for the city and I hope that the decision makers for the bid have an equal appreciation of the unrivalled commercial context Manchester presents.
Tony Lloyd has been a Labour MP since 1983 and represents Manchester Central.
Dods Parliamentary Communications Ltd
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