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Chamber and committees

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 14 July 2025
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Displaying 1690 contributions

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Economy and Fair Work Committee

Scotland’s Supply Chain

Meeting date: 8 December 2021

Michelle Thomson

I want to touch on an area that I am amazed has not come up so far—funding and financing. You have given a very articulate description of where you are, but I want to explore a wee bit more how the constraints on resources are affecting your margins, in terms of both your individual businesses and the sector in which you operate, given that many small businesses are already highly debt laden, whether through the coronavirus business interruption loan scheme, the bounce back loan scheme or whatever.

I will also ask about the financing of innovation. Often, SMEs drive innovation, but innovation is perceived to be inherently more risky because it does not have a long-term record. What are your thoughts about how that is financed? I am thinking about all types of finance—not just public sector finance.

What is the general sense of where we are? There are a number of questions. Where are we now? What will we see coming through with small businesses? How many have you seen going to the wall? What about innovation in the sector and financing for that?

I saw Bill Ireland look at me, so he might as well go first.

Economy and Fair Work Committee

Scotland’s Supply Chain

Meeting date: 8 December 2021

Michelle Thomson

Is the fundraising from private equity?

Economy and Fair Work Committee

Scotland’s Supply Chain

Meeting date: 8 December 2021

Michelle Thomson

Does that apply to banks, as well?

Economy and Fair Work Committee

Scotland’s Supply Chain

Meeting date: 8 December 2021

Michelle Thomson

Gordon—I will come back to my original question, which was about funding operations and your general sense of where businesses are with financing. I also asked about innovation in the sector.

Economy and Fair Work Committee

Scotland’s Supply Chain

Meeting date: 8 December 2021

Michelle Thomson

There is a lot of food for thought in all that.

Economy and Fair Work Committee

Scotland’s Supply Chain

Meeting date: 8 December 2021

Michelle Thomson

You are talking about patient capital.

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Michelle Thomson

Another area that we have not touched on is the similar question of how you are specifically baking in an assumption on climate change expenditure off the back of the 26th United Nations climate change conference of the parties—COP26. That has not come up today. What is the thinking in your modelling in relation to baking in up-front costs that will filter all the way through, and in relation to longer-term far-side implications? Anyone can answer that.

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Michelle Thomson

You mentioned that various groupings—ethnic minorities, the young, the old and so on—have been affected in certain ways, but you did not mention women. Given the flexibility that women often look for in various roles and given their predominance in care and hospitality jobs, what are your thoughts about them as a vital grouping and about how the public spending outlook might impact them?

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Michelle Thomson

It is certainly interesting to think about. We have not touched much on structural issues in the economy that have been highlighted as a result of Covid. You talked about assets. It is commonly believed that asset values across the UK are overinflated and that that has been perpetuated for a long time because it is in a lot of people’s interests. I would appreciate hearing your current thinking about that. Do you agree with that view? What do you see happening in the future? You might well want to bring up other structural issues.

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Michelle Thomson

Good morning. Following on with regard to the pandemic, I am bit surprised at the reaction to the emergence of omicron. Lots of people suggested that it was highly likely that another variant would go into the population. I am interested in exploring the extent to which you have baked the impact of such waves into your economic modelling, and specifically in your points about separation of sector and so on. I totally appreciate that there is a whole range of variables.

I am interested in understanding the extent to which you have done that, and how that will reframe your modelling. I think that it was you, Sir Charlie, who spoke about quantitative easing and how it is, in effect, here to stay and will have an impact on debt going forward. What are your reflections on what you are doing differently now? What would you absolutely, definitely do differently in the future, and what does that means for Scotland? What are you insights on that, in relation to your modelling?