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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 23 November 2025
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Displaying 903 contributions

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Economy and Fair Work Committee [Draft]

Scottish Government Priorities

Meeting date: 1 October 2025

Murdo Fraser

That is very helpful. Thank you.

One issue that I explored with Scottish Enterprise was the complexity of supply chains. A lot of international exports are sourced from a variety of companies. I outlined the scenario for Leonardo, which is that some of its output might end up in Israel. Would the munitions policy also apply to subcontractors, such as companies that supply components or provide training facilities to staff? Would they also be impacted by the policy?

Economy and Fair Work Committee [Draft]

Scottish Government Priorities

Meeting date: 1 October 2025

Murdo Fraser

I asked that question because we were told by Willie Watt from SNIB that the bank had made the investment because it promoted biodiversity and there would be a higher percentage of non-commercial woodland on that site. Information that I have been given since then by our former colleague Andy Wightman suggests that that might not be the case, but perhaps the committee can follow that up directly with SNIB.

My last question is about the visitor levy, which is directly in your portfolio. The committee took evidence on that three weeks ago. There was a bit of to-ing and fro-ing, which you are very familiar with, in correspondence between the committee and Ivan McKee last week, and what was said was then contradicted. Can you tell us exactly where the Scottish Government is now in relation to potential changes to the visitor levy to allow councils the freedom to introduce a flat charge as opposed to a percentage charge?

Economy and Fair Work Committee [Draft]

Scottish Government Priorities

Meeting date: 1 October 2025

Murdo Fraser

I believe that amendments were lodged to the Housing (Scotland) Bill that the Presiding Officer decided were not in scope—

Economy and Fair Work Committee [Draft]

Scottish Government Priorities

Meeting date: 1 October 2025

Murdo Fraser

I have one more question on this subject. From today, businesses in Edinburgh have to charge the visitor levy for bookings into next year. An Edinburgh colleague of mine has passed to me a communication that they got from constituents who run a caravan park in the Lothians, who take their bookings through Booking.com. They have just been told by Booking.com that, although it can institute the visitor levy on top of bookings that are made, it cannot deal with the visitor levy being capped at five consecutive nights. If somebody books for seven or 14 nights, say, Booking.com has to apply the visitor levy on the total sum. It suggests that the business should then refund the balance to its guests on their departure. That is a bit of a boorach, is it not?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

Good morning. Looking at your accounts, I see that, since your launch, you have made £785 million in investments, with an unrealised loss of £76.9 million—or 10 per cent, more or less—also reported. I entirely appreciate that, in the business that you are in, there will be losses, but is 10 per cent a reasonable level of loss, given where the bank is?

Economy and Fair Work Committee [Draft]

Pre-Budget Scrutiny 2026-27

Meeting date: 24 September 2025

Murdo Fraser

It is helpful to have that put in context.

I want to ask about another specific investment, and an issue that has been raised with committee members. You have invested in the Gresham House forest growth and sustainability fund. We have had communication from the Lilliesleaf, Ashkirk and Midlem community council in the Borders. It is very concerned by Gresham House’s acquiring of an estate at Todrig and Whitslade, which is biodiverse moorland; its plan is to plant large numbers of Sitka spruce, and the community council is concerned that that will have a negative impact on biodiversity. I believe that Gresham House has received £50 million investment from SNIB. Given that your remit is to help the environment, is that investment reasonable?

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.