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Seòmar agus comataidhean

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 15 January 2026
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Displaying 928 contributions

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Economy and Fair Work Committee

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

Okay. Thank you.

Economy and Fair Work Committee

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

I am sure that the community council can follow the matter up with you.

I have one more question, on a separate topic. Parliament is sitting late this week—as we know, because we are all weary this morning—to deal with the Housing (Scotland) Bill. You said that you had investor interest in housing. Is that in the build-to-rent sector, or in other sectors?

Economy and Fair Work Committee

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

I wonder whether I may interrupt you for a second, because what you have said is quite interesting. Do you think that, when the bank was set up and given a chunk of taxpayers’ money to invest, there was political pressure on the bank to get that money out the door—in other words, to invest in and to be seen to be engaging with the Scottish economy—and that, perhaps with hindsight, some of those investments might have needed more careful consideration?

Economy and Fair Work Committee

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

It is helpful to have that put in context.

I want to ask about another specific investment, and an issue that has been raised with committee members. You have invested in the Gresham House forest growth and sustainability fund. We have had communication from the Lilliesleaf, Ashkirk and Midlem community council in the Borders. It is very concerned by Gresham House’s acquiring of an estate at Todrig and Whitslade, which is biodiverse moorland; its plan is to plant large numbers of Sitka spruce, and the community council is concerned that that will have a negative impact on biodiversity. I believe that Gresham House has received £50 million investment from SNIB. Given that your remit is to help the environment, is that investment reasonable?

Economy and Fair Work Committee

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

Okay—we can pass that on.

I have met representatives of Gresham House, which is the number 1 commercial forestry planter in the UK. I note that, as of last December, it has assets under management of £8.7 billion, and its ambition is to grow its assets-under-management base to £200 billion by 2030. Why does it need £50 million of taxpayers’ money?

Economy and Fair Work Committee

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

Good morning. Looking at your accounts, I see that, since your launch, you have made £785 million in investments, with an unrealised loss of £76.9 million—or 10 per cent, more or less—also reported. I entirely appreciate that, in the business that you are in, there will be losses, but is 10 per cent a reasonable level of loss, given where the bank is?

Economy and Fair Work Committee

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

Good morning. I will ask about your accounts, but I will first follow up on Lorna Slater’s final question about defence companies. We have seen some very good news in the past few weeks, such as defence contracts for BAE Systems, with £10 billion-worth of orders. We also hope that there will be some good news for Babcock in Rosyth, which is in the area that I represent, with a potential £1 billion order for new frigates. There have been some changes over the past few weeks in the Scottish Government’s approach to support for defence. What is your understanding of what Scottish Enterprise can or cannot do in supporting defence companies?

Economy and Fair Work Committee

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

The supply chains for defence companies internationally are very complex. Leonardo, for example, supplies radar systems for Lockheed Martin and employs a very large number of people in Edinburgh, who are, in the main, in very well-paid, well-skilled jobs. It might well be that some of those F35s will end up being sold around the world—who knows? However, there is clearly a knock-on impact from any decisions that are taken because of the complexity of the supply chains. It must be quite complex to try to unravel that.

Economy and Fair Work Committee

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

I have one more question on this. What is the definition of munitions?

Economy and Fair Work Committee

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

Thank you for that.

I have one more question on something else that I noticed in your accounts. This is a quote from your accounts, which say that there is

“significant uncertainty and complexity of the laws/legal environment within which SE operates.”

Can you elaborate on that for a layman? What does that mean?