SUNDERLAND has lost out in its bit to host the Green Investment Bank.
Business Secretary Vince Cable announced today the bank – set up to drive growth in new green industries – will be based in Edinburgh and London.
The headquarters of the Green Investment Bank (GIB) will be located in Edinburgh, with the its main transaction team based in London.
Dr Cable said this arrangement will enable a greater commercial reach nationally than could be achieved from one location.
Sunderland City Council had hoped hosting the bank would help drive Wearside’s ambitions to become a low-carbon business hub.
Council chiefs said, however, that simply bidding for the bank would raise the city’s profile.
•See the Echo tomorrow for the full story