23 October 2017

  |  CBI Scotland

Update

Responses sought on CBI's submission to the Scottish National Investment Bank consultation

The Scottish Government is currently consulting on how best the new Scottish National Investment Bank (SNIB) can meet its objective to support the Scottish economy.

Tesco Bank CEO Benny Higgins, who has been appointed to lead the bank's Implementation Plan Tesco Bank CEO Benny Higgins, who has been appointed to lead the bank's Implementation Plan

About the Scottish National Investment Bank

Scotland is a wealthy and competitive economy by international standards and the Scottish Government has made substantial investment in infrastructure and business development. However there is recognition that more can be done to help achieve economic ambitions. 

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.

An Advisory Group of experts led by Benny Higgins to support the development of the Implementation Plan has been established. The Group will report in February 2018. Based on the remit set out by the Scottish Government and initial evidence, the Advisory Group has developed the following mission statement.

“The mission of the Scottish National Investment Bank is to provide and catalyse investment in order to create opportunities for Scotland, by powering innovation and accelerating the transformation to a low carbon, high-tech, connected, globally competitive and inclusive economy”

The Advisory Group is now working to identify the capabilities of the bank which will ensure it can deliver this mission statement, and the underlying instruments at the bank’s disposal which, together, will provide it with these capabilities. The Scottish Government is keen to explore opportunities to move beyond only addressing market failures to market shaping and want the bank to develop a mission that supports infrastructure investment – including knowledge, research and development and digital infrastructure - helps companies to grow and support a wider economic vision.

As a critical new investment in the development of Scotland’s economy, the Scottish National Investment Bank will work for the benefit of the people of Scotland. That is why the First Minister launched a period of consultation on 20th October to ensure that the people and businesses of Scotland are given the opportunity to express their opinions on how best the bank can meets its objectives. The information collected will be used by the Advisory Group to inform thinking and the development of the Implementation Plan.

Instructions for responding to the consultation

If you would like to find out more about the Scottish National Investment Bank or to help shape the CBI’s response to the consultation, please contact Chris Wilford. This is an exciting opportunity and we look forward to hearing your views.

Alternatively, to feedback directly, you can access the Scottish Government Consultation Hub, Citizen Space using the following link: https://consult.scotland.gov.uk/economic-policy-unit/scottish-national-investment-bank/ or via Gov.scot using the following link: http://www.gov.scot/Publications/2017/10/9735