Bank on region

The Liberal Democrat MP for Bermondsey and Old Southwark would not be drawn on which of the many bids for the lucrative contract was his favourite, other than to state that it would be most beneficial for the economy if it were hosted anywhere but London.

The argument for Leeds is a strong one and those leading the bid are hoping to persuade ministers that the region has a compelling case with its track record in financial and environmental expertise.

But competition will be fierce and to have a chance the bid must be a united one. The revelations that Sheffield submitted an interest in being the host city had the sort of destablising effect that bids from Manchester, Edinburgh, Bristol or Liverpool are unlikely to have to endure.

For years, Yorkshire’s politicians and business leaders have talked the talk of closer integration for the benefit of the region, that if combined they would represent an economic powerhouse to compete globally and be mutually beneficial.

Yet few have walked the walk and public rows, such as the Leeds Arena spat, or rival bids for Government funding only damage the credibility of the region as an economic player.

The Leeds City Region – with a work force of 1.5 million and an economy worth £53bon per year – has immense potential to boost the Yorkshire economy as a whole at a time of financial struggle.

A successful bid for the Green Investment Bank could prove a catalyst in sparking such a recovery. But only a united bid will be strong enough to compete.