Benny Higgins, CEO of Tesco Bank, was appointed to lead the work to develop an implementation plan, and he has convened a small advisory group to support him in the development of this plan.

Views are now being sought from the public on the detail of how best the new national investment bank can meet its objective of supporting the Scottish economy and working for the benefit of the people of Scotland.

First minister Nicola Sturgeon said: ‘The Council of Economic Advisers identified a national investment bank as an important means of delivering infrastructure development, finance for high growth businesses and strategic investments in innovation.

‘Our programme for government committed to the establishment of such a bank and I am delighted that Benny Higgins is leading the implementation work.

‘Today, we are launching a consultation on the details of how best the bank can achieve those aims and support Scotland’s economy.’

Sturgeon said that setting up the bank was part of a range of proposals designed to make the Scottish economy more inclusive. She announced that the government also will be establishing a just transition commission – a panel of experts from across society that will advise on how to make the move to a low-carbon economy as equitable as possible.

‘We will look at ways in which we can support the growth of employee ownership, and continue to pursue our fair work agenda,’ Sturgeon said.

Membership of the advisory group on the implementation plan for a Scottish national investment bank comprises of: Peter Reekie, (deputy chief executive of Scottish Futures Trust); Paul Brewer (corporate finance partner, PwC);  Cahal Dowds (vice chairman of Deloitte UK); Prof Mariana Mazzucato (director of the Institute for Innovation & Public Purpose, University College London); Paul Lewis (managing director, Scottish Development International and Scottish Enterprise International Operations); Liz Ditchburn (director general economy, Scottish government); Alyson Stafford (director general Scottish exchequer, Scottish government); and Gary Gillespie (chief economist, Scottish government).

The consultation on a Scottish national investment bank is here.

Report by Pat Sweet