National Investment Bank is one step closer
A publicly-owned investment bank for Scotland
A Scottish National Investment Bank is one step closer, following the publication of the implementation plan. Developed by Benny Higgins, CEO of Tesco Bank, the plan has recommendations covering the remit, governance, operating model and financing of the new bank.
Welcoming the report, First Minister Nicola Sturgeon said:
“To realise our ambitions for Scotland’s economy, innovative companies need access to strategic, patient finance to grow and thrive, while the business environment must encourage our young people to be the entrepreneurs of the future. That is why I committed to a publicly-owned national investment bank, which will act as a cornerstone for the economy.
“I thank Benny Higgins and the advisory group for their work to bring this aspiration a step closer. The Scottish Government will carefully consider his recommendations, as we move forward with the creation of the Scottish National Investment Bank.”
Benny Higgins said:
“There is an incontrovertible case for creating the Scottish National Investment Bank. The economic and social wellbeing of our country will be enhanced by an institution that complements private sector investment, with a clear focussing on SMEs and projects that require strategic patient capital.
“We have undertaken rigorous analysis through this process and engaged an extensive and broad group of individuals and bodies in both the public and private sectors. There is a strong consensus that there is an immediate and pressing need for the creation of the bank.”
Read the SNIB implementation plan in full.
Establishing a Scottish National Investment Bank was announced by the First Minister on 5 September 2017.
An advisory group to support Benny Higgins included investment professionals, academics, the Scottish Futures Trust, Scottish Enterprise and senior Scottish Government officials.
The recommendations will be considered by Scottish Ministers, before a formal response in the spring.
A consultation on the Scottish National Investment Bank, which closed on 20 November, found responses were overwhelmingly positive.col04