New IIPP report sets out a mission-oriented vision for the Scottish National Investment Bank
22 March 2019
Mariana Mazzucato, Director of UCL Institute for Innovation and Public Purpose (IIPP), has presented a major new policy report to Scotland’s First Minister Nicola Sturgeon on how IIPP's innovative mission-oriented framework can be applied to the Scottish National Investment Bank.
The report, A mission-oriented framework for the Scottish National Investment Bank, was launched to an audience of senior Scottish Government officials in Edinburgh today, and there was a private meeting between Professor Mazzucato and Nicola Sturgeon to discuss the report.
The new paper presents a framework for guiding the bank’s investments towards tackling key societal challenges, and promoting transformational change across Scotland’s economy. Co-authored with IIPP Head of Patient Finance, Laurie Macfarlane, the paper is the latest contribution to IIPP’s path-breaking research on state investment banks.
Speaking after the launch of the paper, Professor Mazzucato, said: “The Scottish Government has bold ambitions for achieving a dynamic, inclusive and low-carbon economy. By establishing the new Scottish National Investment Bank, the government has taken an important step towards realising this potential.
“The mission-oriented approach we have set out today will ensure that the bank does not support ‘business as usual’, but is instead focused on driving transformative change. We are thrilled at the UCL Institute for Innovation and Public Purpose to be working with the Scottish Government on the design and implementation of the bank.”
Professor Mazzucato has been part of the Scottish Government’s Council of Economic Advisors since 2016. In this role she has advised First Minister Nicola Sturgeon on the Scottish Government’s vision for sustainable and inclusive growth.