Scottish Government to put £2bn into creating ‘globally-competitive high-tech economy’

Written by PublicTechnology staff on 7 December 2020 in News

New national investment bank will support sustainable technology to support drive for net zero emissions target

Credit: PA

The newly launched Scottish National Investment Bank will put hundreds of millions of pounds into creating a “globally-competitive” high-tech sector across the country.

The bank, launched last month by first minister Nicola Sturgeon, has been instructed to address the “grand challenges facing Scotland”. The Scottish Government has committed £2bn to the bank over ten years, with Glasgow-based tech start-up M Squared Lasers named as the first business to receive support.

Members of the Scottish Parliament have agreed three core aims for the Scottish National Investment Bank (SNIB), with the institution tasked with driving the move towards net zero emissions, promoting inclusive growth and addressing demographic change.

Related content

It will aim to help Scotland develop sustainable technology, services and industries, while investing in employment, housing, education and local regeneration. 

Following a debate in the Scottish Parliament today, the SNIB will also attempt to stimulate innovation aimed at increasing productivity, raise skill levels and develop a healthier population.

Economy secretary Fiona Hyslop said: “The launch of the Scottish National Investment Bank is the single biggest economic development in the lifetime of this parliament. These missions address the grand challenges facing Scotland – the issues we know we must face to build a sustainable future. They will provide finance and catalyse private investment to achieve a step change in economic growth by powering innovation and accelerating the move to a net zero emissions, high-tech, connected, globally competitive and inclusive economy. The bank is uniquely placed to address the challenges facing us by providing patient capital to support long term economic growth. Its mission-orientated approach provides an opportunity to influence the direction of economic recovery in the interests of the people of Scotland.”


Share this page




Please login to post a comment or register for a free account.

Related Articles

Appointments watchdog warns former digital secretary Dorries over TV gig
31 January 2023

Ex-cabinet minister failed to wait for official advice before announcing role with TalkTV, according to anti-corruption committee

Consultancy signed to £6.5m deal to advise on eight-department shared-services plan
27 January 2023

The Matrix programme – which includes Treasury, Cabinet Office and DHSC – begins engaging with potential suppliers

Companies House: ‘We’re transforming every aspect of our operation’
9 January 2023

Chief executive Louise Smyth looks ahead to a year of change

Government property chief on the importance of ‘deciding what hybrid working is and isn't’
30 December 2022

Mark Chivers considers the possible impact of new ways of working on government’s estates strategy