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| Version 2 | Version 3 |
|---|---|
| Consultation to seek views on national investment bank | Consultation to seek views on national investment bank |
| (about 1 hour later) | |
| A public consultation is to be launched on plans for a national investment bank for Scotland. | A public consultation is to be launched on plans for a national investment bank for Scotland. |
| First Minister Nicola Sturgeon announced the move at a conference on "inclusive growth" in Glasgow. | First Minister Nicola Sturgeon announced the move at a conference on "inclusive growth" in Glasgow. |
| The establishment of a Scottish national investment bank was included in Ms Sturgeon's programme for government, revealed in September. | The establishment of a Scottish national investment bank was included in Ms Sturgeon's programme for government, revealed in September. |
| Views will now be sought from the public on the detail of how the bank can support the Scottish economy. | Views will now be sought from the public on the detail of how the bank can support the Scottish economy. |
| Tesco Bank chief executive Benny Higgins has been appointed to head up a plan for its implementation. | Tesco Bank chief executive Benny Higgins has been appointed to head up a plan for its implementation. |
| Ms Sturgeon outlined her strategy to grow Scotland's economy and tackle inequality at an event in Glasgow. | Ms Sturgeon outlined her strategy to grow Scotland's economy and tackle inequality at an event in Glasgow. |
| Investments in innovation | Investments in innovation |
| The conference brought together speakers from international organisations, foreign governments, local authorities and academia to discuss Scotland's progress in the two areas. | The conference brought together speakers from international organisations, foreign governments, local authorities and academia to discuss Scotland's progress in the two areas. |
| Ms Sturgeon 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. | Ms Sturgeon 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. |
| "Today, we are launching a consultation on the details of how best the bank can achieve those aims and support Scotland's economy. | "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. | "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." | "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." |
| She said these would include a Just Transition Commission - a panel of experts from across society that will advise on how to make the move to a low-carbon economy as equitable as possible. | She said these would include a Just Transition Commission - a panel of experts from across society that will advise on how to make the move to a low-carbon economy as equitable as possible. |
| And Ms Sturgeon said the government would look at ways in which it can support the growth of employee ownership and continue to pursue its "fair work agenda". | And Ms Sturgeon said the government would look at ways in which it can support the growth of employee ownership and continue to pursue its "fair work agenda". |
| She also vowed to press on with plans to explore a citizen's income scheme for Scotland, while acknowledging it "might turn out not to be feasible". | She also vowed to press on with plans to explore a citizen's income scheme for Scotland, while acknowledging it "might turn out not to be feasible". |
| A universal basic income offers all adults a non-conditional flat-rate payment. Models have varied, but in some examples any income they earn over this is subject to progressive rates of tax. | A universal basic income offers all adults a non-conditional flat-rate payment. Models have varied, but in some examples any income they earn over this is subject to progressive rates of tax. |
| Earlier this week, the Scottish Conservatives suggested spending on benefits could have to rise by £12.3bn to cover the costs of such a move - a claim dismissed as "wrong" and "hysterical" by the SNP. | Earlier this week, the Scottish Conservatives suggested spending on benefits could have to rise by £12.3bn to cover the costs of such a move - a claim dismissed as "wrong" and "hysterical" by the SNP. |
| Ms Sturgeon said: "I should stress our work on this is at a very early stage. It might turn out not to be the answer, it might turn out not to be feasible. | Ms Sturgeon said: "I should stress our work on this is at a very early stage. It might turn out not to be the answer, it might turn out not to be feasible. |
| "But as work and employment changes as rapidly as it is doing, I think it's really important that we look and are prepared to be open-minded about the different ways in which we can support individuals to participate fully in the new economy." | "But as work and employment changes as rapidly as it is doing, I think it's really important that we look and are prepared to be open-minded about the different ways in which we can support individuals to participate fully in the new economy." |
| 'Back of fag packet' | 'Back of fag packet' |
| Responding to Ms Sturgeon's investment bank announcement, Scottish Conservative economy secretary Dean Lockhart said: "It is simply another desperate attempt by the SNP to distract us from the mess they have made of our economy. | |
| "It is a re-hash of a policy first announced several years ago, and then repeated again when they launched the Scottish Growth Scheme last year. | |
| "Not a single penny has been received by a business under the growth scheme, and Scottish companies will understandably be sceptical about when they can expect to see any benefit from this latest plan." | |
| Scottish Labour's economy spokeswoman Jackie Baillie said it had been a Labour manifesto commitment ahead of June's general election. | |
| She added: "While imitation is the sincerest form of flattery, the SNP appear to have only sketched this out on the back of a fag packet." | |
| Andy Willox, Scottish policy convener for the Federation of Small Businesses, said: "While there's much to be applauded in the concept of a national investment bank, it shouldn't distract from other pressing matters. | Andy Willox, Scottish policy convener for the Federation of Small Businesses, said: "While there's much to be applauded in the concept of a national investment bank, it shouldn't distract from other pressing matters. |
| "For example, new figures out today show that Scotland's local roads are in an unacceptably poor condition and will continue to decline. | "For example, new figures out today show that Scotland's local roads are in an unacceptably poor condition and will continue to decline. |
| "Addressing this sort of unglamorous but chronic problem would win the first minister plaudits amongst Scotland's smaller firms." | "Addressing this sort of unglamorous but chronic problem would win the first minister plaudits amongst Scotland's smaller firms." |