Chamber
Meeting of the Parliament 21 January 2020
21 Jan 2020 · S5 · Meeting of the Parliament
Item of business
Scottish National Investment Bank Bill
I thank the cabinet secretary very much for his brief and positive answer.
Following the establishment of the bank, another priority will be for the taxpayer to see positive returns from it—that is, financial returns and the bank achieving its strategic missions.
With an initial capitalisation of £2 billion and operating costs of up to £20 million a year, the bank will have to demonstrate that it is making a transformational impact across Scotland. We have to remember that those operating costs are in addition to the £120 million operating costs incurred by the existing enterprise agencies.
In the same item of business
The Presiding Officer (Ken Macintosh)
NPA
The next item of business is a stage 3 debate on motion S5M-20514, in the name of Derek Mackay, on the Scottish National Investment Bank Bill. I invite membe...
The Cabinet Secretary for Finance, Economy and Fair Work (Derek Mackay)
SNP
I am delighted to open this stage 3 debate on the Scottish national investment bank. The Economy, Energy and Fair Work Committee heard about the bank’s pote...
Neil Findlay (Lothian) (Lab)
Lab
Will the cabinet secretary take an intervention?
Derek Mackay
SNP
No, thank you. The First Minister has committed to the bank’s primary mission being supporting the just transition to net zero carbon emissions. Harnessing ...
Neil Findlay
Lab
Will the cabinet secretary take an intervention?
Derek Mackay
SNP
No, thank you. The bill demonstrates Scotland’s ambition for transforming our economy and tackling major societal challenges. Passing the bill today will ma...
Dean Lockhart (Mid Scotland and Fife) (Con)
Con
I, too, thank the Economy, Energy and Fair Work Committee’s clerking team, the witnesses and all those who gave evidence during the passage of the bill. I th...
Derek Mackay
SNP
Yes.
Dean Lockhart
Con
I thank the cabinet secretary very much for his brief and positive answer. Following the establishment of the bank, another priority will be for the taxpaye...
Neil Findlay
Lab
Dean Lockhart sat through the committee stages of the bill. It would be remiss of us not to raise concerns, which have been mentioned in the media, including...
Dean Lockhart
Con
I am not sure whether Neil Findlay has seen the correspondence between the committee and the cabinet secretary, but I would encourage him to look at it, beca...
Richard Leonard (Central Scotland) (Lab)
Lab
I genuinely believe that today is an important day in the history of this Parliament. A quarter of a century ago, I was calling, on behalf of the Scottish tr...
Andy Wightman (Lothian) (Green)
Green
I thank the cabinet secretary for his on-going engagement on the bill in the Economy, Energy and Fair Work Committee and for keeping committee members inform...
Willie Rennie (North East Fife) (LD)
LD
I thank all those who have contributed to the forging of the bill: the advisers, the committee, the ministers for their constructive behaviour, and Benny Hig...
The Deputy Presiding Officer (Linda Fabiani)
SNP
We move to the open debate. Speeches should be no longer than four minutes, please. 17:00
Alex Neil (Airdrie and Shotts) (SNP)
SNP
To pick up on one of Willie Rennie’s points, I say that the bank’s emphasis has to be on preparing Scotland for tomorrow’s world, not on dealing with the con...
The Deputy Presiding Officer
SNP
Speeches should be of no more than four minutes, please. 17:05
Gordon Lindhurst (Lothian) (Con)
Con
We are agreed that national investment banks can play a valuable role in facilitating economic growth. I am not sure that I understood—or misunderstood—Alex ...
Jackie Baillie (Dumbarton) (Lab)
Lab
I support having a Scottish national investment bank. It is fair to say that it has been a long time in coming. I think that John Swinney—clearly behind Rich...
Jackie Baillie
Lab
Oh! There we go.
Dean Lockhart
Con
I did not catch the beginning of her statement, but if Jackie Baillie is asking whether more money will be coming from the UK Government as part of the budge...
Jackie Baillie
Lab
I am asking very specifically whether financial transaction money will come after March 2021 to fund the SNIB. Is it a yes or a no?
Dean Lockhart
Con
The money is fungible—
Jackie Baillie
Lab
Yes or no? He cannot reply.
The Deputy Presiding Officer
SNP
Mr Lockhart is speaking, Ms Baillie.
Jackie Baillie
Lab
It is my speech, Presiding Officer.
Dean Lockhart
Con
The money is fungible. It is up to the cabinet secretary to decide how to use the increased funding that is coming from the UK Government.
Jackie Baillie
Lab
That explains why I am concerned about the continuing uncertainty. We did not hear anything to reassure us. Let me finish on a note of consensus. I am grate...
Colin Beattie (Midlothian North and Musselburgh) (SNP)
SNP
Jackie Baillie was actually making a good case for independence with her arguments about funding. I welcome the establishment of the Scottish national inves...
The Deputy Presiding Officer
SNP
We move to the closing speeches. 17:19