‘Inclusive growth is essential part of innovation and productivity’ – Sturgeon 

Work to establish a Scottish National Investment Bank took a step forward today with the launch by Nicola Sturgeon of a public consultation on the details of its operation. The First Minister also unveiled steps to support inclusive growth in the economy.

Addressing an international conference on inclusive growth in Glasgow, the First Minister set out a number of steps the Scottish Government is taking to reduce inequalities and ensure that all parts of society benefit from economic prosperity.

“As was set out in the revised Economic Strategy, the Scottish Government recognises that for long-term, sustainable growth, it is vital that everyone has a stake in our country’s success,” the Government said in a statement.

The establishment of a national investment bank was announced in the Programme for Government in September.  Benny Higgins, chief executive of Tesco Bank, was appointed to lead the work to develop an implementation plan, and he has convened an advisory group to support him in its development.

Views are now being sought from the public on the detail of how best the bank can meet its objective of supporting the Scottish economy and working for the benefit of the people of Scotland.

The First Minister 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. So we’ve also announced a range of measures to ensure that as we transform our economy, we leave no one in our society behind.

“We will establish a Just Transition Commission – a panel of experts from across society that will advise us on how to make the move to a low-carbon economy as equitable as possible. We will look at ways in which we can support the growth of employee ownership, and continue to pursue our fair work agenda.”

Membership of the advisory group on the implementation plan for a Scottish National Investment Bank comprises:

• Peter Reekie, (Deputy Chief Executive of Scottish Futures Trust)
• Paul Brewer (Corporate Finance Partner, PwC)
• Cahal Dowds (Vice Chairman of Deloitte UK)
• Prof Mariana Mazzucato (Director of the Institute for Innovation & Public Purpose, University College London)
• Paul Lewis (Managing Director, Scottish Development International and Scottish Enterprise International Operations)
• Liz Ditchburn (Director General Economy, Scottish Government)
• Alyson Stafford (Director General Scottish Exchequer, Scottish Government)
• Gary Gillespie (Chief Economist, Scottish Government)