In September 2017 the First Minister of Scotland Nicola Sturgeon announced plans to establish a new Scottish National Investment Bank.
In September 2017 the First Minister of Scotland Nicola Sturgeon announced plans to establish a new Scottish National Investment Bank to support the Scottish Government's vision for delivering smart and inclusive growth. The announcement was informed in part by advice from IIPP Director Professor Mariana Mazzucato, who has been part of the Scottish Government's Council of Economic Advisors since 2016.
Following the announcement, IIPP was appointed to a small Advisory Group that was convened to lead the work developing an evidence-based implementation plan. The plan sets out a roadmap for creating a new mission-oriented Scottish National Investment Bank that will steer the path of innovation towards overcoming key challenges such as transitioning to a low carbon economy and addressing emerging demographic issues.
The design of the bank has been informed by IIPP's path-breaking research on state investment banks and patient finance, including two new working papers co-authored by Professor Mazzucato and IIPP Research Fellow Laurie Macfarlane which examine how state investment banks are driving economic growth and innovation in different countries around the world. Read more about the collaboration here.