Calls for new UK infrastructure bank to be based in Yorkshire

MPs, peers, council leaders and leading universities from across Yorkshire are calling on the Government to base a new national infrastructure bank in the region.

Rishi Sunak announced the bank would be headquartered in the North last month, and that it will work with the private sector to finance major new investment projects across the UK.

And now parliamentary and external members of the All-Party Parliamentary Group for Yorkshire and Northern Lincolnshire have written to the Chancellor urging him to base the bank’s headquarters in the region.

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The group argues that given the bank’s focus on helping the UK reach its net-zero carbon emission targets, Yorkshire and Northern Lincolnshire is ideally placed to house it.

Chancellor Rishi Sunak. Photo: PAChancellor Rishi Sunak. Photo: PA
Chancellor Rishi Sunak. Photo: PA

The letter points to the Energy Estuary in the Humber and other green initiatives, the region’s manufacturing and industrial strength, its significant financial services base and its location in respect of the planned Northern Powerhouse Rail project as reasons why it should be selected to house the bank.

As well as 19 cross party MPs and peers in the region, the letter was also signed by a number of local authority leaders and chief executives, business leaders and universities.

The co-chairs of the All-Party Group, Huddersfield MP, Barry Sheerman and Thirsk and Malton MP, Kevin Hollinrake, said: “There is a powerful case to locate the infrastructure bank in our great region. Doing so would be a recognition of the region’s significant developments related to the green economy and advanced manufacturing.

"The bank would also be able to tap into the significant financial services skills that the region has.

“We strongly urge the Chancellor to look positively on our case.”