Business chiefs make green bank pitch

Edinburgh's business leaders today joined forces with the Capital's MPs to tell UK ministers why they should base the new Green Investment Bank in the city.

Ron Hewitt, chief executive of Edinburgh Chamber of Commerce, and other senior figures flew to London to give a presentation on the business case for the move at the House of Commons.

The group has full cross-party support and includes academics and financial experts. It is also supported by Scottish Renewables, Scottish Financial Enterprise, Scottish Council for Development and Industry, Scottish Chambers of Commerce, Scottish Development International and Scottish Enterprise.

Mr Hewitt said: "We are challenging the received wisdom that any new UK institution should be located in London.

"Equally, we recognise that the Green Investment Bank, located in Edinburgh, must add value and stimulate growth right across the country.

"Our group of sponsors recognises the importance of ensuring that the Green Investment Bank gets maximum 'bang for its buck' and believe this can only be achieved through effective collaboration between industry, know-how and finance. Our analysis confirms that Edinburgh excels in these three areas.

"The firms that operate within Edinburgh financial services have by necessity learned to be outward looking and proved themselves to be globally competitive because Edinburgh offers that 'sweet spot' where these three pillars come together.

"This unique combination would not be found anywhere else in the UK."