Scottish government owned investment bank operational by 2020
(1 March 2018 – Scotland) In an effort to tackle Scotland’s lack of investment, the Scottish government has committed to a publicly owned national investment bank. The initiative will be operational by 2020.
Scotland’s first minister, Nicola Sturgeon, who announced the idea last year, said she had accepted several key recommendations from Tesco Bank CEO Benny Higgins, who developed the plan. The recommendations include establishing the bank as a public body, that it should be ethical and inclusive, and that it should be “mission-driven”, funding ideas such as the transition to a hi-tech, low carbon economy.
Almost £500m would become available for new investment over the next three years to be used for a range of products including microloans for small enterprises, loans of up to £10m for businesses wanting to scale up operations and targeted debt support.
The aim is for the bank to be self-sustaining in the long term.
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