Chamber and committees

The Policy Memorandum set out that: “The Bank will lend solely to the private sector” and that: “It will not lend to public institutions including local authorities, government agencies or arms-length bodies.” In this context we have used ‘private’ to refer to sectors out with the public sector. The Bank will be able to provide financial assistance for commercial activities, which may be carried out by a range of bodies such as social enterprises, those in the third sector and cooperatives, as well as other types of body or organisation in the private sector. See also the answer to question S5W-23167 on 29 May 2019. All answers to written parliamentary questions are available on the Parliament's website, the search facility for which can be found at http://www.parliament.scot/parliamentarybusiness/28877.aspx .

I refer the member to the answer to S5W-23163 on 29 May 2019. All answers to written parliamentary questions are available on the Parliament's website, the search facility for which can be found at http://www.parliament.scot/parliamentarybusiness/28877.aspx .

I refer the member to the answer to question S5W -23163 on 29 May 2019. All answers to written parliamentary questions are available on the Parliament's website, the search facility for which can be found at http://www.parliament.scot/parliamentarybusiness/28877.aspx .

The Scottish Government is providing an initial £490 million of capital in the form of Financial Transactions through the £150 million Building Scotland Fund (over 2018-21) and a further £340 million (over 2019-21) for other pre-cursor Bank investments. These commitments were announced in the 2018-19 draft budget. Further capitalisation of the Bank will be made from future Scottish budgets.

In referring to “financial assistance to commercial activities” the Equality Impact Assessment is in turn referring to Section 2(1) of the Scottish National Investment Bank Bill and that section mirrors what is provided for in Schedule 5 of the Scotland Act 1998. In this context “Commercial” refers to business activities that are profit-making or aim to be profit-making, carried out by business associations of various types, that the Bank may be interested in providing financial assistance to.

In addition to traditional measures of financial performance, the Bank will measure societal value through a range of indicators, aligned to the National Performance Framework, covering the economic, social and environmental impact of its activity.

It will be for the Bank to prepare and publish its own Ethical Code or Statement, setting out how it will meet the objectives set for it by Scottish Ministers in this regard. The Scottish Government expects this to occur as soon as it is practicable following the Bank’s creation. The strategic framework for the Bank is under development and we intend for this to be published in draft later this year, although some formal elements, in particular the shareholder framework for the Bank, can only be finalised when the Bank is created.

Following updated advice from the UK Committee on Climate Change on 2 May, the Scottish Government acted immediately by lodging amendments to our Climate Change Bill to set a net-zero emissions target for 2045 and increase the targets for 2030 and 2040. The Scottish Government is now reviewing a range of policies, across our whole range of responsibilities, to ensure that we do all we can to support the public sector, businesses, communities and individuals to meet our shared climate responsibilities. We have taken the difficult decision that reducing Air Departure Tax is no longer compatible with more ambitious climate targets.

The Scottish Government believes in fair taxation policy for all individuals and businesses. Responsibility over corporation tax is reserved to Westminster. The Scottish Government therefore has no power to legislate in this area but we urge the UK Government to include consideration of environmental impacts, as part of its tax policy-making.

UK Air Passenger Duty (APD) tax forms are returned on a company-by-company basis, with one tax return for all their business in the UK. There is therefore no historic data on APD receipts or passengers paying APD in Scotland.

The Scottish Fiscal Commission (SFC) produces an illustrative forecast of Scotland's share of UK APD revenues.This uses Civil Aviation Authority departing passenger survey data and UK GDP growth and inflation forecasts from the Office for Budget Responsibility to estimate the number of passengers exempt from the tax and to calculate the tax paid by the remaining chargeable passengers.

The most recent illustrative forecast was set out in the SFC’s December 2018 Scotland's Economic and Fiscal Forecasts (Table 3.43 - p149) : http://www.fiscalcommission.scot/publications/scotlands-economic-and-fiscal-forecasts/scotlands-economic-and-fiscal-forecasts-december-2018/ .

Note that the 2017-16 Figure for APD is not classed as outturn data, it is an estimate of the Scottish share of tax receipts.

Updated forecasts are due to be published on 30 May 2019.

There is a global climate emergency and we are acting accordingly. We acted immediately on the Committee for Climate Change advice with amendments to the Bill to set a net-zero target for 2045 and increase the targets for 2030 (to 70%) and 2040 (90%). We will update the Climate Change Plan within 6 months of the Bill receiving Royal Assent. This Scottish Government, will be placing climate change at the heart of everything we do and I can confirm that it will be at the core of our next Programme for Government. Policy reviews will feed into the process of development of the Programme for Government and the update to the Climate Change Plan.