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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 5 May 2021
  6. Current session: 12 May 2021 to 24 July 2025
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Displaying 2597 contributions

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Economy and Fair Work Committee

Just Transition (North-east and Moray)

Meeting date: 22 November 2023

Colin Beattie

Japan is going into hydrogen in a big way for private cars.

Economy and Fair Work Committee

Just Transition (North-east and Moray)

Meeting date: 22 November 2023

Colin Beattie

Perhaps Ronan O’Hara can comment on them.

Economy and Fair Work Committee

Just Transition (North-east and Moray)

Meeting date: 22 November 2023

Colin Beattie

Are you saying that the major issue for capital coming in to fund those projects is the planning system?

Economy and Fair Work Committee

Just Transition (North-east and Moray)

Meeting date: 22 November 2023

Colin Beattie

As plans to tackle climate change and a just transition become much clearer, which, to me, they are now, you then have to look at the other side of the coin, which is money. Nothing happens without money. If we cannot generate the capital to pay for what we want to do, we are in real trouble.

I have three questions that I will ask in one hit. I hear a lot about the huge amount of private finance that is available and that providers are keen to invest. I am not sure where that is coming from; that is less clear to me. Is it domestic UK or overseas capital? Will we be competing with North America, the EU and others for that resource? Private capital needs to make a return, and it is not going to invest in any project that will not give it a return. Discrete projects that are profitable may be sellable in terms of finance from private sources, but how do we access that? Do we have to access it through the London markets? Are we able to reach out ourselves and interest companies?

We are talking about huge sums of money here. We are talking about tens of billions of pounds. I see lots of different figures for the same projects, and those figures are all over the place. However, clearly, tens of billions will be needed. Where is it coming from? Is it international, or is it local? Do we have to go through the UK Government? How will it work?

Secondly, there are other projects that are clearly not profitable and never will be. Nevertheless, they need to be funded. The only entity that will step up and fund those projects is the state, and that means either the UK Government or the Scottish Government, both of which are strapped for cash. How do we get Government funds for those projects? The UK Government has already got problems selling its own paper, and hence various other means of raising money are being used. Borrowing costs are an issue, because, in international terms, the UK is now in the third tier for investment quality and Scotland, of course, is in the same position. Will people buy UK paper if it is issued? We are talking about tens of millions of pounds here. Can the market absorb that? I say tens of millions of pounds because I am assuming that a fair proportion of the projects that we will see coming forward will be projects that are not profitable; they will be things that need to be invested in to make other parts of the plan viable.

11:30  

My third question is whether either Government can afford to borrow. There are two aspects: one is, of course, that the national debt is colossal. The proportion of national debt that we are having to pay off from our revenues is at an all-time high. What about our balance of payments? If Scotland or the UK borrow from overseas, we have to repay that capital at some point—we have to repay a return on the investment. Can we afford to do that? Has there been any costing for this? Basically, I am asking a big wrapped-up question about how we can finance what we need to do. Mark Munro, I will ask you to respond first because you are the obvious person to ask.

Economy and Fair Work Committee

Just Transition (North-east and Moray)

Meeting date: 22 November 2023

Colin Beattie

Scottish Power said that—

Economy and Fair Work Committee

Just Transition (North-east and Moray)

Meeting date: 22 November 2023

Colin Beattie

What are the other ones?

Economy and Fair Work Committee

Just Transition (North-east and Moray)

Meeting date: 22 November 2023

Colin Beattie

Do we have time to bring in Fergus Mutch?

Public Audit Committee

Section 23 Report: “Adult mental health”

Meeting date: 16 November 2023

Colin Beattie

Christiana, while you were talking, I was wondering about the extent to which people are aware of the different types of support. How aware are people in general of the role of community link workers?

Public Audit Committee

Section 23 Report: “Adult mental health”

Meeting date: 16 November 2023

Colin Beattie

There is a wide range of mental health issues—it is not just one particular issue for people. The report describes the process of getting support as “slow and complicated”. What happens when people are not eligible for special services but still have mental health challenges? I throw that open to everyone.

Public Audit Committee

Section 23 Report: “Adult mental health”

Meeting date: 16 November 2023

Colin Beattie

I do not know whether anybody else wants to come in—