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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 17 October 2025
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Displaying 978 contributions

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Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

I have a couple of questions that follow on from some of those answers. You have alluded to the work that you have been doing alongside the National Wealth Fund and the British Business Bank, mainly to do with the Treasury rules. That raises another question of how you work operationally with them. Ultimately, we want public money to work in concert rather than pull in different directions. Will you outline your approach to working with other bodies such as those?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

Good morning and welcome to the 26th meeting in 2025 of the Economy and Fair Work Committee. Today, the committee will continue its pre-budget scrutiny and will hear evidence from the Scottish National Investment Bank.

Before we proceed, I note that we have apologies from Willie Coffey, Lorna Slater and Michelle Thomson, the deputy convener. However, although the committee is smaller in number, I am sure that we will have just as many questions.

I refer members to papers 1 and 2 in their packs. Members have agreed to take agenda items 2 and 3 in private, which may also afford us the opportunity to discuss recent urgent questions and responses from the minister regarding the transient visitor levy.

Agenda item 1 is our pre-budget scrutiny with the Scottish National Investment Bank. We are joined by Willie Watt, who is the chair, and Michael Robertson, who is the chief financial officer.

I will begin by asking questions about financial sustainability. In the most recent year for which we have reports, there was an operating income of £34.5 million, with operating costs of just over £16 million, and there were significant write-offs. I want to understand what the bank’s plan is to meet financial sustainability so that, rather than simply operating in profit, you are making a net profit, which, ultimately, is surely the aim of the bank.

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

Critically, at what point is the bank planning to be self-sustaining? I understand what you have said, and we are all familiar with the commitment of £2 billion over 10 years. However, circumstances change and Government priorities change. Although that commitment is there and is broadly supported across the parties, if that funding were to stop today you would have a problem. At what point will the bank cease to have a problem?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

I think that we will get into that with subsequent questions.

My first question is about whether the plan is to get to a point where the bank stands on its own two feet, or whether it will require on-going capital injections or financial interventions from Government to carry on operating. What is the forward plan, and what does sustainability look like for the Scottish National Investment Bank?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

I understand that you do not necessarily have complete foresight in terms of what will happen with your portfolio, and that there are a number of other things that you need to have in place. I get all that. However, I am still not entirely clear on what the plan is. If all those things happen, when will the bank be self-sustaining? Do you have that plan? Do you have a target date?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

Therefore, the short answer is that we need to devolution-proof the approach for the PuFin framework.

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

With that, I will draw our questions to a close. I thank both witnesses for attending the meeting and for providing such full answers.

10:56 Meeting continued in private until 11:26.  

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

A final question has occurred to me while you were providing your answers, which have been varied and broad. Indeed, we have managed to cover everything from investment strategy and housing to Israel and Gaza.

What strikes me is that you, Mr Watt, are very close to operational decisions. That might be a necessity, given the number of chief executives that you have had, but, ultimately, one would want a division between the chair and the chief executive and for the chair to have a broader view of strategy and be less proximate to the operation. Is there a risk that your role is too close to the bank’s operational and management decisions? That approach might have been necessitated, because of the change of chief executives, but it strikes me that that is a question that needs to be asked in the interest of corporate governance.

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

Surely, if you can keep it brief.

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Daniel Johnson

You do not sound entirely sure.