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Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 7 November 2025
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Displaying 1699 contributions

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Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

Our next item is an evidence session with the Scottish National Investment Bank and Scottish Enterprise. The main purpose of the session is to inform the committee’s pre-budget consideration. I welcome Al Denholm, chief executive officer, and Michael Robertson, chief financial officer, from the Scottish National Investment Bank; and Adrian Gillespie, chief executive, and Douglas Colquhoun, chief financial officer, from Scottish Enterprise.

It would be helpful if members and witnesses could keep their questions and answers as precise and concise as possible.

I come to my opening question. We are looking at the budget for the upcoming year. We have also had in-budget adjustments made this year, so we are facing a difficult financial situation. I ask the witnesses to briefly say what the priorities are, but to focus more on the challenges and the risks to the delivery of those priorities, given the financial situation that we face. I ask the Scottish National Investment Bank to go first.

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

At the start of the meeting, you said that you have committed £650 million of the £2 billion capitalisation. The capitalisation of £2 billion was announced in 2020. Given our financial situation, are you still confident that the whole £2 billion investment will be delivered during the timescale that was set?

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

If it is brief, then I will bring in Gordon MacDonald.

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

Thank you. That is helpful.

That brings us to the end of today’s meeting. I thank witnesses for attending.

10:45 Meeting continued in private until 11:50.  

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

I am sorry to interrupt, but will the budget that we are facing slow down the pace that you have said the Scottish National Investment Bank is working at?

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

If it is very brief.

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

Bob Doris, do you wish to ask a supplementary?

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

In that case, I will let you in before I bring in Kevin Stewart.

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

I have a couple of questions before we finish. We have had wide discussion of financial transactions. My understanding of financial transactions is that they are consequences of UK Government spending. The former First Minister initially described them as a con before they were seen as a solution to funding the Scottish National Investment Bank. The Scottish Government has said that it assumes that there will be no further financial transactions. I come back to the Scottish National Investment Bank. The £2 billion funding is dependent on financial transactions, and the Scottish Government assumes that there will be no further financial transactions. What discussions are you having with it about alternatives, and how confident are you about the £2 billion, given that assumption?

Economy and Fair Work Committee

Pre-budget Scrutiny 2025-26

Meeting date: 25 September 2024

Claire Baker

I have the same question for Scottish Enterprise about the assumption that there will be no further financial transactions, which play a significant part in your funding. There are options for the Scottish Government to transfer funds from resource to capital budgets. Would you ask it to do that, and what discussions are you having about alternative funding?