BUSINESS leaders have backed Stoke-on-Trent's bid to become home to the Green Investment Bank (GIB).

Board members of the Stoke-on-Trent and Staffordshire Local Enterprise Partnership (LEP) met last night to sign off on their support for the bid.

The Sentinel reported yesterday that a campaign had been launched to bring the GIB to the city, a move which would create up to 100 highly-paid jobs.

The Government scheme will be responsible for managing an initial £3 billion in loans to major renewable energy projects which might otherwise fail to win financial backing.

Supporters believe it will act as a magnet for financial services professionals, environmental experts and low-carbon companies keen to apply for funding to set up business in the city.

LEP chairman Maitland Hyslop, who runs Internet Central at Keele University Science and Business Park, said: "Stoke-on-Trent and North Staffordshire is a prime location for a range of 'green economy' proposals, because of the things we already have going on here.

"These include the academic capabilities at Keele and Staffordshire Universities, the Sustainability Hub at Keele, existing coal reserves and the local clay that has some key 'green' properties in keeping manufacturing costs down.

"We also have Converteam's wind energy expertise, Goodwin's power station expertise, Alstom's power grid expertise and Johnson Tiles's low-carbon approach to manufacturing.

"So, bidding for the Green Investment Bank is a logical extension of not only the area's expertise, but also a measure of our collective ambition to deliver a new environment based on a dynamic 'red carpet' approach with the green elements of the economy at the forefront."

Stoke-on-Trent is competing against more than 20 other areas to become home to the GIB, including London, Manchester, Leeds and Edinburgh, and official bids are due to be submitted by January 30.

A decision is expected in February.

It's not yet known where the bank would be based if Stoke-on-Trent is chosen, but Jonathan Phipps, Stoke-on-Trent City Council's strategic manager for economic development and programmes, said the council would suggest Hanley's proposed Central Business District, on the former Unity House site, as a potential location.

Mr Phipps added that North Staffordshire already has a strong financial services base, as it is home to The Hanley Economic Building Society, Britannia (now part of The Co-operative Bank) and Leek United, plus the European Treasury function for the Royal Bank of Scotland and commercial hubs for most UK banks.

He said: "We've had support locally from The Co-operative Bank, HSBC, Barclays and NatWest.

"What they are doing for us is confirming that North Staffordshire is a good place to do business – that the location is great, the cost base is low and that they can recruit financial services staff."