“Housing Green Investment Bank in Edinburgh Only Benefits Banks – Not Areas Like Teesside – Tom Blenkinsop MP

Middlesbrough South and East Cleveland Labour MP, Tom Blenkinsop, today (8th March 2012) hit out at the announcement that the coalition government’s much vaunted ‘green bank’ will be sited in Edinburgh.

Tom said “For a whole number of reasons this is a loony decision. The government say it is because London and Edinburgh are the financial centres of the country and that this makes it a good fit. It will be a good fit – but for the bankers, not manufacturers. It will mean that decisions will be controlled by financial interests and for financial interests. The logical place would have been in a manufacturing area like Teesside where green industry – in sectors like renewable energy, new leaner chemical processes and clean coal power generation – are already here on the ground. But instead the bank will be just one more bank in the city that gave us Fred Goodwin and RBS.

There is another consideration too. Scotland will be holding their referendum on independence in 2014. This will cast a shadow over the green bank from day 1 and will hinder its growth. This was a wrong decision taken for the wrong reasons and the coalition should think again.”

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