Just £3m of £200m Scottish government business fund spent

Kerry Sharp

Kerry Sharp, head of the government’s national investment bank, admitted to the Economy Committee that just a handful of deals had been concluded since the Scottish-European Growth Co-Investment Programme was announced by Scotland’s SNP government in 2017.

The fund’s stated aim is to help “businesses in all areas of Scotland looking for equity investment to meet their growth ambitions”.

Reacting to Ms Sharp’s statements, Scottish Labour said the fact so few deals had been done showed the SNP’s plans for the economy were “just spin, not substance”.

Economy committee member, Jackie Baillie MSP, said: “Once again, the SNP’s high profile announcements on the economy are shown to be just spin, not substance.

“Businesses need access to funding to grow their enterprises to boost jobs and local economies.

“Clearly firms across Scotland are simply not getting the support that they need.

“SNP Economy Secretary Derek Mackay must stop sleep walking and urgently outline what he will do to ensure this money is used to boost Scotland’s economy.”