Really good news on news.gov.scot today regarding the legislative paving for the Scottish National investment Bank – Link and snippet below:
Establishment of national Bank takes step forward
Scottish National Investment Bank Bill published.Legislation to support the establishment and capitalisation of the Scottish National Investment Bank has been published by the Scottish Parliament.
The Bill grants the necessary powers to set up the Bank which will provide financing for businesses through their whole life cycle and for important infrastructure projects to catalyse private sector investment. The Bank will be a public limited company and Ministers will be given the power to guide its strategic direction by setting missions that will address socio-economic challenges.
The Scottish Government has committed to investing £2 billion over 10 years to capitalise the Bank. The Bank will be operational in 2020 investing in businesses and communities across Scotland.
Brexit, and particularly a no deal Brexit, will increase demand for a Scottish National Investment Bank to provide essential support to continue to grow Scotland’s economy throughout a challenging period.
However – couldn’t help but contrast this (very welcome) news with today’s beeb Business page coverage of the Norwegian state investment fund – link and snippet below. Devolution or Indy? – let’s make the correct choice Scotland:
Norway’s giant state investment fund has said it will increase its investment in the UK.
The sovereign wealth fund, which has $1tn (£750bn) to invest from Norway’s oil and gas income, is already one of the biggest investors in UK assets.
Its chief executive has said that it will continue to be a “significant” investor in the UK, despite Brexit.
The fund takes a long-term investment view of 30-years and expects its UK investment to rise over that period.
“We foresee that over time that our investments in the UK will increase,” Yngve Slyngstad told Reuters.
Commenting on whether the risks associated with the UK’s decision to leave the European Union on 29 March had affected the fund’s investment plans, he said: “With our time horizon, which is 30 years plus, current political discussions do not change our view of the situation.”
The fund has investments in nearly in 200 UK properties and is a co-owner of London’s Regent Street.
It holds about £5.6bn in UK government debt, and is also a big shareholder in UK-based firms, with investments in 394 UK companies. The stakes it holds include:
0.97% of engineering giant Rolls-Royce
2.4% of Marks and Spencer
1.65% of Sainsbury’s
2.3% of BP
2.97% of Barclays