Treasury to consider Tees Valley as location for Green Investment Bank

Tees Valley is in the running to become the new administrative centre for the Government’s proposed ‘Green Investment Bank’ after Redcar MP, Ian Swales, put forward the case for Teesside in a letter to Chancellor of the Exchequer, Rt. Hon George Osborne.

In his letter to the Chancellor, Mr Swales stressed the need for increased Government support to help the North East recover from the economic crisis and deal with the continuing high levels of unemployment.

Under the coalition Government’s proposals, the bank will be used to provide investment for ‘green’ projects such as upgrading ports to make them suitable for off-shore wind turbines.

In response to Mr Swales’ letter, Treasury Minister Justine Greening MP, confirmed that the Treasury were “open–minded to all options” for the location of the administrative centre, “including the Tees Valley”.

Commenting Mr Swales said:

“I’m delighted that Treasury Minister, Justine Greening, has agreed to consider Teesside as the administrative centre for the new Green Investment Bank, which if successful would provide a much needed injection of highly skilled jobs to the area.

 “Teesside has been badly neglected by the previous Government, which is why it is vital that it receives support to help rejuvenate the area.

“Choosing Teesside as the site for the Green Investment Bank would not only create jobs now, but would also provide the North East with stable, long term employment for many years to come.”