Consultation launched on creation of Scottish National Investment Bank

Scotland’s First Minister Nicola Sturgeon yesterday announced that legislation to underpin a Scottish National Investment Bank will be introduced in early 2019.

A consultation to ask the people of Scotland to help shape the objectives, purpose, priorities and governance of the bank, as well as the its relationship with Ministers and stakeholders was also launched by Finance and Economy Secretary Derek Mackay.

Sturgeon said Scottish National Investment Bank will focus on providing long-term patient capital for key economic investments, guided by a mission-orientated approach set by Government.

It was also explained that the bank will be designed to complement existing private and public contributions to the economic well-being of Scotland by supporting the growth of innovative businesses to catalyse private sector investment and providing a single point of access to investment.

Finance and Economy Secretary Derek Mackay said: “The Scottish National Investment Bank has the potential to transform Scotland’s economy.

“As part of developing the Bank and establishing its guiding principles, I want to listen to the views of people and businesses across Scotland to ensure the Bank’s objectives and priorities for investment are ambitious for the future and create an institution with the right values, vision and purpose to transform our economy.

“Scotland’s economy is already benefiting from nearly a decade of progressive economic initiatives. Economic growth per head over the last year has been higher than in the rest of the UK, we have narrowed the productivity gap with the rest of the UK over the past decade, exports are up 12% in the last year and youth and women’s unemployment are lower than in the rest of the UK.

“Alongside an ambitious package of measures, the Bank will become a cornerstone in Scotland’s economic architecture supporting businesses across all stages of the business growth lifecycle, through to financing infrastructure to secure private sector investment. These steps will ensure we are delivering for the economy of today and ready to seize the opportunities of the future.”

The consultation will be available here.