Common Weal congratulate Scottish Government on plans for a Scottish National Investment Bank, but say “devil will be in the detail”

Common Weal has been campaigning for a investment bank for Scotland for 3 years

THE Common Weal has congratulated the Scottish Government on its announcement that it will begin an implementation plan on a Scottish National Investment Bank, but say "the devil is in the detail" as to how effective it will be.

The announcement comes after three years of campaigning for the initiative by Common Weal, along with Friends of the Earth Scotland and New Economics Foundation, including two reports (here and here). The proposal was backed at the SNP’s conference in March, and has been advocated for at the First Minster’s Council of Economic Advisers.

The First Minister Nicola Sturgeon announced the work during her Programme for Government, in which she said the bank would provide patient capital and support innovation. Sturgeon said that a full implementation plan on “the remit, governance, operating model and approach to the robust management of financial risk” of the bank would be led by Tesco Bank CEO Benny Higgins, including discussions with the UK Government over the effective operation of the bank.

Commenting on the announcement, Common Weal Director Robin McAlpine said: “This is a much more substantial agenda for government and has a number of genuinely promising ideas in it. In particular, we’ve been campaigning for a Scottish National Investment Bank for three years and we’re delighted this is now going ahead.

"It is now crucial that this programme is pursued with vigour and that focus goes onto designing the details in a way that delivers maximum impact for communities across Scotland. For example, it’s important that the national investment bank is there to level the playing field for Scottish businesses competing with the likes of Tesco and that we don’t replicate the Tesco model.”

“There are still many aspects of the proposals that are unknown. The most important of these is around scale and scope: will the new institution be granted substantive borrowing powers so that it can invest on the scale required to transform Scotland’s economy? And what does the government want the bank to invest in?” Laurie Macfarlane

Laurie Macfarlane, economist and author of Blueprint for a Scottish National Investment Bank, said of the announcement:

“Today’s announcement of a new Scottish National Investment Bank is a welcome step forward. As we have long argued, meeting the challenges of the twenty-first century requires patient, long-term, committed finance – something that Scotland desperately lacks 

“There are still many aspects of the proposals that are unknown. The most important of these is around scale and scope: will the new institution be granted substantive borrowing powers so that it can invest on the scale required to transform Scotland’s economy? And what does the government want the bank to invest in? A national investment bank has the potential to be truly transformative, but as ever the devil will be in the detail.”

Comments

BobCWGlasgow's picture

BobCWGlasgow

Tue, 09/05/2017 - 22:35

Good news that she's bought the Common Weal idea at last, but we'll see how much money it gets and what she's prepared to let it do/use it for.

florian albert

Thu, 09/07/2017 - 14:43

So, we have the promise of a Scottish National Investment Bank without knowing how big it will be or what its borrowing powers will amount to.

All we need to do is trust Nicola. There's the rub.

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Nelson

Mon, 09/11/2017 - 16:55

Campaigning for investment banking isn't radical, or even vaguely interesting. And it is also basically Corbyn saying the BoE would print money and hope for the best. And what is the requirement for? There is hardly any unemployment in the UK.

As for 'competing with Tesco', is that just giving Scotmid money?

Peter Dow's picture

Peter Dow

Tue, 09/12/2017 - 18:09

The devil is bank vaults with NO MONEY - hardly a "detail".

The reality is there will be NO NEW MONEY to capitalise a "Scottish National Investment Bank" which will therefore be USELESS with empty bank vaults with little money to invest.

NO NEW MONEY not while the Sturgeon / Osborne Fiscal Framework Agreement of February 2016 is still agreed.

The economically illiterate Sturgeon / Osborne Fiscal Framework Agreement of February 2016 has tied the hands of the Scottish government to do anything significant to grow the Scottish economy.

So Sturgeon's so-called "huge step" is WITHOUT NEW MONEY so she CAN'T "deliver".

Sturgeon is deaf, dumb and blind to the urgent need to DISAGREE with that rotten fiscal framework and to demand new powers, to borrow £ billions a year more, interest-free from the central bank, to invest for growth and prosperity.
___
"explain the interaction between tax policy and the fiscal framework; and provide international comparisons." First Minister Nicola Sturgeon's statement on the Programme for Government By Nicola Sturgeon, 05/09/17
____

But there's NO new ambition whatsoever to demand a better fiscal framework that would allow the Scottish government to borrow £ billions a year more, interest-free, from the central bank, to invest in Scotland.

So the same old SNP Government (Tartan Tory) AGREEMENT with the UK fiscal-framework imposed austerity?

Only Sturgeon's government is now promising to EXPLAIN why she agrees with this rotten fiscal framework for the Scottish government?

Ah, so austerity, but with an explanation, an excuse, later, just as soon as she can come up with an excuse?

Maybe her excuse will be "a big boy told me to sign the Fiscal Framework Agreement and he ran away"?

Was that big boy's name "George Osborne" by any chance?

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