Green Investment Bank (Leeds)

Nigel Adams Excerpts

Monday 14th November 2011 Commons Chamber

[Greg Mulholland]

My hon. Friend makes a very important point. The show of unified support for this bid from all political parties is vital, and I am afraid that the political situation is different for some of the bids to which he refers.

In 2009, there was a 32% rise in the value of deals in the financial district in Leeds, despite the value of deals in the UK falling by 16% in the same period. Three banks and four building societies have already chosen to locate their headquarters in the Leeds city region, including the headquarters of the UK’s largest financial insurance provider and its investment function, responsible for £75 billion-worth of assets, as well as 10 private equity firms, including the UK’s leading mid-market equity house. We do not just have a big financial sector; we also have the right skills set to support the green investment bank’s products. The sector has direct and recent experience in establishing new financial institutions, with the financial service sector in the Leeds city region having been involved in the delivery of 19 of the past 21 building society mergers.

[Nigel Adams (Selby and Ainsty) (Con)]

I, too, congratulate my hon. Friend on securing this Adjournment debate. Does he have any idea of the number of jobs that would be created in Yorkshire and in Leeds in particular if the green investment bank was won by the Leeds bid?

[Greg Mulholland]

Of course, the point of the green investment bank is not to deliver jobs itself—although a few hundred people will work in and around it—but to bring in investment through projects and the knock-on effects. Those projects will be not only in Yorkshire and the Humber, but all around the country. The Minister might be able to give some idea of the Government’s vision for delivering growth for the economy and employment all around the UK, delivered, crucially, from the Leeds city region.