by Amanda Ramsay
What makes a world-class city? That’s the question on Marvin Rees’ mind right now. Labour’s candidate to be Bristol’s first directly elected mayor, set out his vision to a group of business people and local experts from across Bristol last Thursday, at an event on the Bristol economy chaired by shadow business secretary Chuka Umunna.
Rees wants to see Bristol become “a world-class city”, he told the roundtable last week, the culmination of an illuminating set of events as part of the City Conversation – the Bristol-wide policy consultation being held by Rees.
With the national economy officially flat-lining, after the Bank of England revised down its growth forecast to 0% and the latest trade figures last week show the worst trade deficit since records began in 1997, how to kick-start the local economy was a key topic for discussion.
Umunna pledged that an incoming Labour government would set up a British Investment Bank (BIB) to widen the availability of credit to small firms.
It would be an extension of the recently-launched Green Investment Bank and fill the gap left by the main UK banks. Local branches, with managers in tune with the needs of local businesses, would strengthen local economies.