20 November 2019

Scottish Labour tabled progressive amendments to ensure a Scottish National Investment Bank does not lend to companies which widen inequalities, avoid paying taxes, pay less than the living wage or hire employees on zero-hour contracts.

Scottish Labour have also appealed to the SNP to not participate in the toxic banking bonus culture and instead establish a Bank accountable and in line with public sector pay policy.

The SNP, abetted by the Tories, voted against these amendments.

By failing to put these amendments into primary legislation the government are establishing a bank than can lend to companies which could harm workers, develop and worsen inequality and hinder economic growth.

Commenting on today’s results, Neil Findlay said:

“It is disgraceful that the Scottish National Investment Bank will be established without legislation preventing it lending to companies that dodge paying tax and have unethical employment practices.

This is yet another regressive move from a weak and insipid government.

In the face of SNP timidity Labour will establish a Bank that will be worthy of its name, one which is accountable to our economy and to our workers and strives to promote equality.”

Also rejected by the SNP and the Tories were Scottish Labour’s calls for an equality strategy to be developed for the bank that would see the bank commit to tackling the gender pay gap and promoting the rights of disabled workers.

Commenting on the equality strategy amendments, Jackie Baillie said:

“It is disappointing that the Cabinet Secretary for Finance and the Economy has resisted the need for an equality strategy today. If we are to advance a more gender equal Scotland then equality must be at the heart of the Bill and underpinning the bank’s mission and investment performance.

“ It simply can’t be an add-on for the bank to ignore.

“Scotland’s labour market already suffers from ever increasing inequalities, be it at the hands of the 5.7% gender pay gap or through shockingly poor employment rates for disabled people, the bank should provide an opportunity to do things differently.

“Today the SNP and Tory men joined together to deny an equality strategy and equality monitoring which would have seen the Scottish National Investment Bank among the most progressive and leading banks of the world.

"I hope the Cabinet Secretary will work with me to right this wrong.”
Link to Instagram Link to Twitter Link to YouTube Link to Facebook Link to LinkedIn Link to Snapchat Close Fax Website Location Phone Email Calendar Building Search