A future we should bank on

Against this background, ministers will soon face what promises to be a crucial decision.

They must decide where to locate the world’s first dedicated green investment bank, designed to stimulate spending on green infrastructure.

It will not create many jobs in itself, but the bank will have a key role to play in reducing pollution and increasing the sustainability of the UK economy in a world where energy prices are only heading in one direction.

As well as having strategic importance, the bank will have iconic value in a national agenda increasingly dominated by green concerns, according to the Tory MP Julian Smith.

The Yorkshire Post supports the Leeds city region’s bid to host the bank. It has a strong case. It has proven financial and environmental expertise, it is close to large-scale projects like the carbon-capture and storage pilot scheme near Doncaster and the offshore wind farm manufacturing plant at Hull and it offers excellent value for money.

It should see off rival bids from places like Edinburgh, Bristol, Cardiff, Warrington, Bournemouth, Peterborough and Derby.

The city region will face a bigger challenge from London, though, which will make the most of its status as leading international centre of finance.

The Government has said on many occasions that it wants to rebalance the UK economy away from the South East.

Here is the perfect opportunity for ministers to back up words with actions. To do so would represent an easy win, a clear demonstration that they care about the North.

To choose London would be another sorry reminder of a divided country.