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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 12 July 2025
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Displaying 2212 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I was going to ask about that. Most of your funding so far has been from financial transactions, and they have to be repaid to the Treasury. Does that cause issues?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

The responsibility is the Scottish Government’s rather than yours, so you do not have to worry about it.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I genuinely want you to help me out, because I do not know the answer. Your target rate of return is 3 to 4 per cent. I looked at that and thought that it did not sound particularly high. I could probably get better than 4 per cent just by going to a bank or some other financial institution.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Would it need to be UK legislation?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Okay. I am going to move on to the one disaster that you have had. You have been asked about this before; indeed, I have asked you about it before, Mr Watt. Circularity Scotland was a disaster—there is no other word for it. What lessons have you learned from that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

You see it happen quite a lot in the life sciences sector, in fact, and we do not want it. How do you prevent it?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

That is useful. I was just wondering whether that affects your target rate of return. Given what you have just said, I think that it probably does not.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Do you know what the organisations that you have mentioned—KfW and the Connecticut Green Bank—are achieving?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Good morning, gents. Mr Watt, I want to follow up on what you have just said about the UK Government giving you a route towards perpetual status. Will you say a bit more about that? What has the Government actually done?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

That is very honest. Perhaps one of the lessons should be that, because you see yourselves as independent from the Government, you should be very wary of investing in Government schemes, because they can become political, as that one did. Have you reflected on that?