The Scottish Government have been pushing for the UK government to site their new Green Investment Bank in Edinburgh. I don't think they're going to succeed.
The stumbling block isn't Edinburgh's expertise in banking (or should that be, former expertise?!). It's not Edinburgh's proximity to most of the UK's renewable energy industry, either. Nor is it a matter of local resources - there are plenty of empty office buildings in the city.
No, the stumbling block is the Scottish Government themselves, and their stated aims for independence. Whether they win or lose the forthcoming referendum, it seems ludicrous to me that the UK government would base a major part of the government's money in what could potentially become a foreign country. We wouldn't expect to set up the Bank in Belgium or Moldova, would we? So why do we think that they're going to risk setting it up in Edinburgh?
I'm all for the Green Investment Bank, although I think it's woefully underfunded, but I'll be majorly surprised if it bases itself in Edinburgh. So, here's my solution for the Scottish Government: set up your own Green Bank. Have an independent investment arm that can give money to the renewables industry. The SNP like the Norway Oil Fund, so why don't they take North Sea revenues and put it into a Scottish Green Bank, along with fines collected by SEPA and funds from the government itself?
I'm sure there are legal stumbling blocks under devolution, but it would be easily done under independence.
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