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Bill published by parliament

Mackay says new bank to become ‘economic cornerstone’

Derek Mackay at ID Co

Mary Thornberry, an employee at the ID Co explains her work to Derek Mackay, far left, with Jarmes Varga, Steve Dunlop, CEO of Scottish Enterprise, and Benny Higgins (pic: Terry Murden DB Media Services)


 

Finance and Economy Secretary Derek Mackay today said the new Scottish National Investment Bank will become a cornerstone in Scotland’s economic architecture supporting businesses across all stages of the business growth lifecycle.

A bill to set up and capitalise the bank has been published by the Scottish Parliament. The Bank will be a public limited company and Ministers will be given the power to guide its strategic direction by setting missions that will address socio-economic challenges.

The Scottish Government has committed to investing £2 billion over 10 years in the Bank which will be operational next year.

Ministers believe that Brexit, and particularly a No Deal Brexit, will increase demand for a Scottish National Investment Bank to provide essential support to continue to grow Scotland’s economy throughout a challenging period.

 Benny Higgins, Derek Mackay and James Varga

Benny Higgins, Derek Mackay and James Varga (pic: Terry Murden)


 

Mr Mackay visited the central Edinburgh premises of software company The ID Co which the government regards as typical of the companies likely to benefit from the bank.

He  said: “Today’s Bill marks a significant step towards the establishment of the Scottish National Investment Bank.

“The Bank will become a cornerstone in Scotland’s economic architecture supporting businesses across all stages of the business growth lifecycle, in addition 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. With record low unemployment and further economic growth, we will continue to do all we can to stimulate the economy.”

Benny Higgins, strategic adviser to the First Minister on the Scottish National Investment Bank, added: “Today we mark another important milestone on the path to the creation of the Scottish National Investment Bank.

Derek Mackay at ID Co

Steve Dunlop, James Varga, Derek Mackay and Benny Higgins (pic: Terry Murden)


 

“The Bank will play a critical role in ensuring that the Scottish economy is structurally fit for thriving in the 21st century. To do so effectively, it is essential that the Bank pursues close collaboration with the enterprise agencies and other parties that contribute to the well-being of the Scottish economy.”

Director of CBI Scotland, Tracy Black said: “The introduction of the Scottish National Investment Bank (SNIB) Bill is welcome news for the Scottish business community.

“If used effectively, the SNIB could have a transformative impact by encouraging the greater patient capital investment needed to support infrastructure development in the long-term and catalyse private sector investment.”

 

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