Public views sought on Scottish national investment bank proposal

A public consultation is to be launched on plans for a national investment bank for Scotland. First Minister Nicola Sturgeon announced the move at a conference on inclusive growth in Glasgow.

The event brought together speakers from international organisations, foreign governments, local authorities and academia to discuss growing Scotland’s economy and tackling inequality.

The establishment of a Scottish national investment bank was a key plank of Ms Sturgeon’s Programme for Government revealed in Sep- tember, with Benny Higgins, chief executive of Tesco Bank, appointed to head up a plan for its implementation.

Views will now be sought from the public on the detail of how the bank can support the Scottish economy.

Ms sturgeon said :“the council of economic advisers identified a national investment bank as an important means of delivering infrastructure development, finance for high-growth businesses and strategic investments in innovation. Our Programme for Government committed to the establishment of such a bank and I am delighted that Benny Higgins is leading the implementation work.

“Today, we are launching a consultation on the details of how best the bank can achieve those aims and support Scotland’s economy.

“However, we recognise that inclusive growth is another essential part of our focus on innovation and productivity.

But Labour’s Jackie Baillie said the investment bank plans appeared to have been “sketched out on the back of a fag packet”.

“Nationalist ministers want opposition parties to write their tax policy and the general public to explain to them what an investment bank should do.

“As always with the SNP, it’s spin before substance.”