Transformational change across Scotland’s economy

UCL economist sets out mission-oriented vision for the Scottish National Investment Bank

Vision for the SNIB.

Professor Mariana Mazzucato has presented a major new policy report to Scotland’s First Minister Nicola Sturgeon on how an innovative mission-oriented framework can be applied to the Scottish National Investment Bank.

Designed by the UCL Institute for Innovation and Public Purpose (IIPP), the mission-oriented framework will guide the bank’s investments towards tackling key societal challenges, and promoting transformational change across Scotland’s economy.

Co-authored with IIPP Head of Patient Finance, Laurie Macfarlane, the paper is the latest contribution to IIPP’s path-breaking research on state investment banks.

Speaking after the report’s launch, Professor Mazzucato, Director of IIPP, said: “The Scottish Government has bold ambitions for achieving a dynamic, inclusive and low-carbon economy. By establishing the new Scottish National Investment Bank, the government has taken an important step towards realising this potential.

“The mission-oriented approach we have set out today will ensure that the bank does support ‘business as usual’, but is instead focused on driving transformative change. We are thrilled that the UCL Institute for Innovation and Public Purpose is working with the Scottish Government on the design and implementation of the bank.”

The report, ‘A mission-oriented framework for the Scottish National Investment Bank’, was launched to an audience of senior Scottish Government officials in Edinburgh today.

Professor Mazzucato has been part of the Scottish Government’s Council of Economic Advisors since 2016. In this role she has advised First Minister Nicola Sturgeon on the Scottish Government’s vision for sustainable and inclusive growth.

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