Monday 21 February 2011

GIB location to be decided in May

A decision on the location of the Green Investment Bank will be made in May.

Business Minister Mark Prisk said that the government will bring forward its plans to finalise details of the bank.

The location of the bank would appear to be a two-horse race between London and Edinburgh. London will rely on its status as the financial powerhouse of the UK, but Edinburgh can stake a claim because so many renewable developments and investments are already taking place north of the border.

And Energy Secretary Chris Huhne recently boosted the Scottish capital's bid, saying it had a "very special advantage" because its financial institutions had a strong track record in lending to renewable energy companies.

Recently, both Virgin Finance and Tesco Bank have opted for a base in Edinburgh.