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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 4 May 2021
  6. Current session: 13 May 2021 to 8 October 2025
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Displaying 867 contributions

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Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

Okay—we can pass that on.

I have met representatives of Gresham House, which is the number 1 commercial forestry planter in the UK. I note that, as of last December, it has assets under management of £8.7 billion, and its ambition is to grow its assets-under-management base to £200 billion by 2030. Why does it need £50 million of taxpayers’ money?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

I wonder whether I may interrupt you for a second, because what you have said is quite interesting. Do you think that, when the bank was set up and given a chunk of taxpayers’ money to invest, there was political pressure on the bank to get that money out the door—in other words, to invest in and to be seen to be engaging with the Scottish economy—and that, perhaps with hindsight, some of those investments might have needed more careful consideration?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

Thanks for putting that in context.

On the specifics, there is the satellite and digital connectivity firm Krucial, which has a provisioned £4.6 million loss; the £34 million investment in M Squared Lasers, much of which might be lost; and we previously had the loss in relation to Circularity Scotland. What lessons have been learned? Is there anything that you can do better in future to avoid losses?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

Okay. Thank you.

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

I am sure that the community council can follow the matter up with you.

I have one more question, on a separate topic. Parliament is sitting late this week—as we know, because we are all weary this morning—to deal with the Housing (Scotland) Bill. You said that you had investor interest in housing. Is that in the build-to-rent sector, or in other sectors?

Economy and Fair Work Committee [Draft]

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

Let me rephrase that question. When the Scottish Government says that it is not going to fund munitions, are you clear what that means?

Economy and Fair Work Committee [Draft]

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

That is a very diplomatic answer, thank you.

I want to ask about your accounts. I was having a look at your most recent accounts for the period to March 2025, which were published in June, I think. In that period, you wrote off balances to a total of just over £31 million. It was reported in June that another enterprise in which you had made investments valued at £20.2 million had notified you that there is a risk that that might be written off. I absolutely understand that when you make investments there is always a risk that some of them might not be successful, but that strikes me as quite a high percentage compared to your overall level of investments. Do you think that that is a reasonable sum to be writing off in the context of the total investments that you make?

Economy and Fair Work Committee [Draft]

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

On the housing issue, I have been talking to SSE, and I believe that it is investing in housing because it realises that there is no point in it creating vacancies if there is nowhere for potential employees to live. I appreciate that a lot of house building goes on in the inner Moray Firth area, but what more can be done to encourage house building in the west Highlands, where a lot of that investment will be going?

Economy and Fair Work Committee [Draft]

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

Good morning. I will ask about your accounts, but I will first follow up on Lorna Slater’s final question about defence companies. We have seen some very good news in the past few weeks, such as defence contracts for BAE Systems, with £10 billion-worth of orders. We also hope that there will be some good news for Babcock in Rosyth, which is in the area that I represent, with a potential £1 billion order for new frigates. There have been some changes over the past few weeks in the Scottish Government’s approach to support for defence. What is your understanding of what Scottish Enterprise can or cannot do in supporting defence companies?

Economy and Fair Work Committee [Draft]

Pre-budget Scrutiny

Meeting date: 17 September 2025

Murdo Fraser

The supply chains for defence companies internationally are very complex. Leonardo, for example, supplies radar systems for Lockheed Martin and employs a very large number of people in Edinburgh, who are, in the main, in very well-paid, well-skilled jobs. It might well be that some of those F35s will end up being sold around the world—who knows? However, there is clearly a knock-on impact from any decisions that are taken because of the complexity of the supply chains. It must be quite complex to try to unravel that.