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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 11 September 2025
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Displaying 1103 contributions

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Economy and Fair Work Committee

Royal Mail

Meeting date: 28 June 2023

Colin Smyth

So, there have been cases. In recent months, around 22 staff have been dismissed in Scotland. How many of those dismissals were based in part on social media posts that you had been monitoring?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Notwithstanding the fact that you need the permissions, what sort of timeline are we talking about? I think that you previously said that your aim was to start this by 2030.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

That is obviously crucial to the bank. You are on record as saying that the money that you have been given will be

“insufficient to crack the missions”

if you do not get the relevant permission.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Okay. I anticipate that your success with the first application might be better than your success with the second one, but good luck.

I would like to go back to an unrelated point. It is a question that I raised at your most recent appearance before the committee. It is about the £50 million investment in the forestry fund that is run by the asset manager Gresham House. At the time, I raised the fact that your website said that that fund would create rural jobs. When I asked how many jobs it had created, you were not able to answer. Do you have an update on how many jobs that particular investment has created?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Thank you.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

When you made the decision, was the bank aware of the concerns about the Internal Market Act 2020? What was your take on that? Did you think that it was not a problem?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Are there any lessons from this for your due diligence?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

So, when you made the decision to invest the money, you were fully aware of the fact that that hurdle needed to be jumped, so to speak.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

The bank has expressed a desire to manage third-party capital. I think that you said in your opening statement that you had applied to the FCA for the relevant permission. What is the anticipated timeline for that process?

10:45  

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Assuming that the FCA grants permission, are any further permissions or regulatory approvals required, or does managing third-party capital represent the settled state of the medium-term operation of the bank?