THERE is no doubt First Minister Nicola Sturgeon has set out an ambitious vision for the Scottish National Investment Bank that appears to reflect a genuine belief the body can make a big difference.
Ms Sturgeon reckons the bank could deliver benefits ranging from maximising the potential of growth contenders in key sectors such as technology while helping ensure vital infrastructure is in place.
Her confidence is shared by banking veteran Benny Higgins who spent six months analysing the plan to set up the bank in consultation with experts. He believes the body could have an impact on a scale to match the achievements of the famed KfW development bank in Germany if it wins £2bn public support over 10 years.
Sceptics may want to see details of how key elements of the bank’s expected strategy will be implemented before passing judgement.These include a plan to address the funding gap faced by growth companies, which follows a series of attempts to tackle the issue.
With Brexit just 13 months away there may be no time to lose but the Government only expects the bank to be operating in shadow form next year.
Regardless of timing issues, some will claim £2bn will be nowhere near enough to provide the kind of boost Scotland’s economy needs.
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