Scottish National Investment Bank consultation
Consultation on a Scottish National Investment Bank has opened with views being sought from the public, including Scottish Financial Enterprise members.
The Scottish Government announced the establishment of a Scottish National Investment Bank in the Programme for Government 17-18 with Benny Higgins, CEO of Tesco Bank, appointed by the First Minister to lead work on an Implementation Plan. The bank will be a cornerstone institution in the delivery of long-term investment to support economic development in Scotland.
Benny Higgins is convening a small Advisory Group of experts to support him in the development of this plan. The Group will consider market failures and opportunities, capitalisation, regulation and factors such as market creating and shaping, as well as governance and operation models. Critical within this process will be exploring where the key opportunities lie from establishing this new institution, and how it can best promote economic growth.
The Scottish Government wants the Bank to develop a mission that supports infrastructure investment – including knowledge, research and development and digital infrastructure – that helps companies to grow and support a wider economic vision.
The broad remit of the Implementation Plan expressly allows for consideration of a variety of options and the Group wants to hear views as they develop these options further. While Scotland has a strong track record of supporting businesses and investment, recognising the need to be cognisant of the current landscape of public sector organisations or interventions, they do not want to be constrained in their thinking as to how and where the Bank can add most value. Once this has been determined, consideration will then be given to how best to position the Bank to incorporate or align with existing support.
The Implementation Plan is scheduled to report in February 2018.
The Scottish National Investment Bank Consultation can be completed online.