The Eden Project has bid to be the home of a £3 billion investment
bank that the Government hopes will underpin a green energy revolution.
Ministers have also received a submission from Torbay, meaning two Westcountry areas are among 32 locations looking to host the new Green Investment Bank.
While neither Cornwall nor Devon is considered a major
financial centre, both bids are playing on the region’s green
credentials, low costs and enviable quality of life.
Each points to the success of the Met Office re-locating to Exeter in 2003 as evidence of high-calibre staff settling in the far South West.
The Cornwall bid, backed by Eden bosses and the county’s council and development company, emphasises the symbolism of the bank’s offices sitting alongside the iconic biomes.
Its proposal states: “The first investment the Green Investment Bank will make is in choosing its own location. Wouldn’t it make sense if that investment, that location, symbolises everything the Green Investment Bank is designed to achieve?”
Torbay, dubbed the English Riviera, intends to base the bank’s headquarters on the edge of Torquay.
“The South West is at the heart of the UK’s green economy,” its submission, penned by the Torbay Development Agency, outlines. “And Torbay is centrally placed to take advantage of this.”
The Government has repeatedly hailed the potential for wind, wave, geothermal and solar technology in the South West.
Last month, ministers announced the region is to be the UK’s first Marine Energy Park, paving the way for jobs-boosting investment in wave and tidal power.
Kevin Lavery, chief executive of Cornwall Council, told the Western Morning News: “It is a bit of a long shot as we do not have a major financial sector like a Leeds or a Manchester. But where better to base a financial institution for green energy than the Eden Project?”
Adrian Sanders, Liberal Democrat MP for Torbay, said: “I am fully behind it. We are extremely well-placed in a number of ways.”
The bank would bring more than 100 jobs to whichever area is selected, and would lend an area added kudos for being home to the first bank of its kind in the world.
By putting forward £3 billion of state money as a stake, the Government aims to generate an extra £15 billion of private investment by 2015.
The bank should have powers to borrow, issue bonds to institutional investors and raise cash from the public through the sale of “green ISAs”, commentators have said.
Both bids underplay the region’s modest banking reputation and that they are locations physically remote from the City of London.
Both Eden and Torbay, which would base the bank at Edginswell business park in Torquay, point out there are few regions to rival the Westcountry on green power. unsecured loans
University campuses in Plymouth, Exeter and Penryn, near Falmouth, boast world-leading renewables academics and the Wave Hub off the North Cornwall coast is poised to be the world’s largest wave energy berth. Both argue the arrival of the Green Investment Bank could transform some of the poorest communities in the country, but that their economies are moving in the right direction.
Diggers are poised to begin work on the South Devon link road, slashing journey times to Torbay, after the Government committed around £75 million to the bypass.
Cornwall will boast one of the fastest broadband networks in Europe, one of the spoils of being lavished with more than £1 billion of EU regeneration cash in the last decade.
Those behind Cornwall’s bid believe being based at Eden, which has proposed a geothermal “hot rocks” plant and is globally recognised thanks to attracting millions of visitors to the former clay mines, is a trump card.
“The location will make the bank internationally famous from day one,” it states.
Other areas to have expressed an interest in hosting the headquarters include Liverpool, Leeds, Gloucester and Bristol.
Business Secretary Vince Cable will announce his final decision on siting the HQ this month.
Factors to be taken into account include recruiting and retaining the specialist staff needed to run the organisation, while also providing a location that provides good value for money. bad credit loans
Mr Cable said: “I am delighted that the Green Investment Bank has fired the imagination of so many public and private sector groups keen to host this world-first institution.”
Ministers have also received a submission from Torbay, meaning two Westcountry areas are among 32 locations looking to host the new Green Investment Bank.
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Each points to the success of the Met Office re-locating to Exeter in 2003 as evidence of high-calibre staff settling in the far South West.
The Cornwall bid, backed by Eden bosses and the county’s council and development company, emphasises the symbolism of the bank’s offices sitting alongside the iconic biomes.
Its proposal states: “The first investment the Green Investment Bank will make is in choosing its own location. Wouldn’t it make sense if that investment, that location, symbolises everything the Green Investment Bank is designed to achieve?”
Torbay, dubbed the English Riviera, intends to base the bank’s headquarters on the edge of Torquay.
“The South West is at the heart of the UK’s green economy,” its submission, penned by the Torbay Development Agency, outlines. “And Torbay is centrally placed to take advantage of this.”
The Government has repeatedly hailed the potential for wind, wave, geothermal and solar technology in the South West.
Last month, ministers announced the region is to be the UK’s first Marine Energy Park, paving the way for jobs-boosting investment in wave and tidal power.
Kevin Lavery, chief executive of Cornwall Council, told the Western Morning News: “It is a bit of a long shot as we do not have a major financial sector like a Leeds or a Manchester. But where better to base a financial institution for green energy than the Eden Project?”
Adrian Sanders, Liberal Democrat MP for Torbay, said: “I am fully behind it. We are extremely well-placed in a number of ways.”
The bank would bring more than 100 jobs to whichever area is selected, and would lend an area added kudos for being home to the first bank of its kind in the world.
By putting forward £3 billion of state money as a stake, the Government aims to generate an extra £15 billion of private investment by 2015.
The bank should have powers to borrow, issue bonds to institutional investors and raise cash from the public through the sale of “green ISAs”, commentators have said.
Both bids underplay the region’s modest banking reputation and that they are locations physically remote from the City of London.
Both Eden and Torbay, which would base the bank at Edginswell business park in Torquay, point out there are few regions to rival the Westcountry on green power. unsecured loans
University campuses in Plymouth, Exeter and Penryn, near Falmouth, boast world-leading renewables academics and the Wave Hub off the North Cornwall coast is poised to be the world’s largest wave energy berth. Both argue the arrival of the Green Investment Bank could transform some of the poorest communities in the country, but that their economies are moving in the right direction.
Diggers are poised to begin work on the South Devon link road, slashing journey times to Torbay, after the Government committed around £75 million to the bypass.
Cornwall will boast one of the fastest broadband networks in Europe, one of the spoils of being lavished with more than £1 billion of EU regeneration cash in the last decade.
Those behind Cornwall’s bid believe being based at Eden, which has proposed a geothermal “hot rocks” plant and is globally recognised thanks to attracting millions of visitors to the former clay mines, is a trump card.
“The location will make the bank internationally famous from day one,” it states.
Other areas to have expressed an interest in hosting the headquarters include Liverpool, Leeds, Gloucester and Bristol.
Business Secretary Vince Cable will announce his final decision on siting the HQ this month.
Factors to be taken into account include recruiting and retaining the specialist staff needed to run the organisation, while also providing a location that provides good value for money. bad credit loans
Mr Cable said: “I am delighted that the Green Investment Bank has fired the imagination of so many public and private sector groups keen to host this world-first institution.”
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