Dudley MP Ian Austin has called on the Government to move its Green Investment Bank to the West Midlands instead of privatising it.
The Green Investment Bank was launched by the Government in 2012 with £3 billion in funding to invest in renewable energy and other low-carbon technologies. The bank could now be sold off to Australian firm Macquarie, with concerns that it could see its assets stripped.
Austin previously campaigned for the bank to established in the West Midlands to bring new businesses and jobs to the region to replace those lost in traditional industries.
He has now written to the Chancellor Philip Hammond urging him to consider relocation to the West Midlands as an alternative way of boosting the economy while saving money on rent and staffing costs.
Ian Austin said:
“I think there is a huge potential for our region to move from the sort of energy-intensive low-skilled traditional industries that we are losing to modern low-carbon manufacturing and green industries.
“Instead of rushing to sell off the Green Investment Bank to the highest seller, the Government should move it to our area to boost employment and save on the bank’s costs.”