Chamber and committees

The Scottish Enterprise budget for the Scottish European Growth Co-Investment Programme is £50 million over 3 years to 30 June 2020.

As at 31 August, £2.8m had been committed to match investment alongside the European Investment Fund, and individual Fund Managers, in 5 companies.

As part of the Scottish Programme for Research, Innovation and Technology Eco-System (SPRITE), the maximum budget available for the Advancing Manufacturing Challenge Fund (AMCF) is £14 million with allocations for that figure dependent on detailed future assessment of received applications and their contribution to the AMCF aims and objectives. No funding will be committed until the completion of the assessment and due diligence process. This is anticipated to be April 2020 and funding must be committed and spent by December 2022. A full timeline for the fund is available at the following weblink.

https://www.scottish-enterprise.com/support-for-businesses/develop-products-and-services/innovation-support/advancing-manufacturing-challenge-fund

We are committed to developing a retail strategy that addresses the challenges faced by the sector in Scotland. This will be produced in conjunction with stakeholders and published in due course.

£25 million per annum is 1.25% of a £2 billion portfolio. The Financial Memorandum set out projections (Table 5, page 11) which showed anticipated annual operating costs at the point of the Bank’s establishment in 2020-21, and up to 2024-25, being below the mid-point estimate of £25 million set out in the Implementation Plan. The Scottish Government anticipates supporting the Bank’s operating costs between 2020-21 and 2022-23 by providing £17.9 million (see the answer to question S5W-25549 on 10 October 2019). By 2023-24, when the Bank is expected to cover its own operating costs, the anticipated operating costs are £22.6 million per annum. These are projections of the Bank’s operating costs and are subject to future budget settlements.

All answers to written parliamentary questions are available on the Parliament's website, the search facility for which can be found at http://www.parliament.scot/parliamentarybusiness/28877.aspx .

The Financial Memorandum that accompanied the Scottish National Investment Bank Bill (Table 2 on page 6) sets out the projected resource cost requirements for establishment of the Scottish National Investment Bank. The cumulative costs are expected to amount to £32.0 million by March 2023. If the projected contribution to the Bank’s operating costs of £17.9 million over 2020-21 to 2023-24 through Grant in Aid is taken into account (see the answer to question S5W-25550 on 10 October 2019), this increases cumulative costs to £49.9 million. These are projections, and costs for 2020-23 are subject to future budget settlements.

All answers to written parliamentary questions are available on the Parliament's website, the search facility for which can be found at: http://www.parliament.scot/parliamentarybusiness/28877.aspx

I refer the member to the answer to question S5W-25544 on‎ 10 October 2019. All answers to written parliamentary questions are available on the Parliament's website, the search facility for which can be found at http://www.parliament.scot/parliamentarybusiness/28877.aspx .

The Medical Undergraduate Group comprises key stakeholders from Scotland’s medical schools, NHS Education for Scotland, the Scottish Funding Council, NHS Scotland Boards, the General Medical Council, BMA Scotland, and senior Scottish Government officials. It provides advice to both the Cabinet Secretary for Health and Sport and Cabinet Secretary for Education and Skills regarding medical school undergraduate supply and demand and annual undergraduate intake to medicine based on the future needs of NHSScotland.

The main factors taken into account include meeting the medical workforce needs identified in NHS Scotland workforce planning projections, the teaching capacity of each medical school, trend data on intake and retention, financial considerations, and delivery of strategic priorities such as widening access to medicine and increasing numbers of GPs.

The mission-based approach alongside a commitment to £2 billion capital for the Bank ensures that investment in Scotland’s economy is directed to the areas of highest national priority, such as transition to a zero net carbon economy.

The allocation of financial transactions is part of the annual budget exercise, which takes account of the experience, efficiency and impact of previous financial transaction funding arrangements as well as opportunities to make best use of this form of funding in the coming year.

The current use of financial transactions is actively monitored to ensure that these are used efficiently and effectively to improve outcomes, and to increase inclusive and sustainable growth across Scotland. For example, SFT invests financial transactions in order to take subordinated debt stakes in hub revenue funded projects, and the investment performance is published in the annual accounts of Scottish Futures Trust Investments Limited.

Information about the performance of Scottish Enterprise investments through the Scottish Investment Bank is published in the Scottish Investment Bank’s annual report. The use of financial transactions to help capitalise the Scottish National Investment Bank is being developed as part of the Bank delivery programme, and in preparation for the next draft budget.

This will be informed by on-going review of existing arrangements so that a whole-system approach can be taken.

The consultation paper last year, recent draft budgets and the Financial Memorandum set out that of the £2 billion of capital for the Scottish National Investment Bank, £490 million is to be provided by March 2021 as pre-cursor investments for the Bank, including £150 million for the Building Scotland Fund. This initial capitalisation will be provided through financial transactions The remaining £1.51 billion required after March 2021 will be made from Scottish Government resources; the working assumption is that this will be from further financial transactions, subject to future budget settlements. The return of capital from the Bank to the Scottish Government will fit within the Scottish Government’s future financial planning arrangements.