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Patient Strategic Finance: opportunities for state investment banks in the UK

Patient Strategic Finance: opportunities for state investment banks in the UK

8 December 2017

UCL Institute for Innovation and Public Purpose
Working Paper

Ref: IIPP WP 2017-05

Mariana Mazzucato
Professor in the Economics of Innovation and Public Value
Director Institute for Innovation and Public Purpose, University College London

Laurie Macfarlane
Honorary Research Fellow, IIPP

Abstract

This report looks at the ways in which a state investment bank can provide patient strategic finance for investment led growth and innovation. It positions this case in the context of the current challenges and opportunities in the UK economy. Lessons from six international state investment banks are used to reflect on the importance of mission statements, governance structures, financing instruments, relationship to national policies, and metrics of evaluations. The use of these lessons for the emerging Scottish National Investment Bank is given close attention.