The Official Report is a written record of public meetings of the Parliament and committees.
All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
All Official Reports of public meetings of committees.
Displaying 7219 contributions
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
Monica and Peter, this is really difficult. I know how seriously you take this, Monica, and I am sure that Scottish Water take it extremely seriously. I do not want anything to be misquoted or for anyone to be misled, which could cause the negotiations to fail.
Monica, you have very much made your points and your comments, and I encourage Peter or Alex to come back on those. I am not asking you to set out a pay statement or to put a pay deal on the table, but the committee is making the point to you that it is very concerned about this issue, and Monica has eloquently made that point. The committee is looking for an undertaking from Scottish Water that it has heard what we have said and to say what it is going to do about it.
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
Jim, I know that you will find that unsatisfactory, but you have an offer to take the matter offline straight after this committee meeting or as soon as possible. I would like to keep the discussion at a slightly higher level.
I have another question before we leave that area completely. Obviously, not putting up the charges for Scottish Water has implications for how people are remunerated.
Looking at the accounts, it seems that you had more employees at the end of the accounting period. I had not seen that the salaries had gone up significantly to replicate that. It is very difficult to see in the accounts how much of the salary increase on the previous year was due to extra employees or to pay. Is there a conflict between what you can pay your staff and what you can get in from the income that you raise from the public?
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
Do not touch the button. That will be done for you. That could cause confusion.
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
That is the income. If I gave a bank £460 million with a base rate of 5 per cent, what would my return be? It would be more than £10 million, surely.
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
We are almost out of time. I have a question about something that Douglas Lumsden asked about. You say that you hope to get back £1 million, which is quite a high rate for an investment of £9 million, when there are liquidated assets. There are not many assets in that. Are you really comfortable that you will get back £1 million?
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
Jim Fairlie wanted to come in on that, and then I have a brief question.
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
But you will never be below the bank base rate, will you?
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
Thank you. You have quite a few questions coming your way. The first questions come from Monica Lennon.
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
I understand that. Some people who came in two years ago when the rate was 1 per cent or thereby will have got a very good deal, especially if they went for a 30-year transaction. In hindsight, that probably does not look that good in today’s market in order for the bank to have the capital to invest in other projects. How do you balance those aspects?
Net Zero, Energy and Transport Committee
Meeting date: 31 October 2023
Edward Mountain
I understand. What is the average time that you would aim to invest in a project for?