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Tags banking , national economics , scotland

Old 8th September 2017, 02:21 PM   #1
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Scotish government to set up a new national investment bank

EDINBURGH (Reuters) – Scotland’s devolved government said on Tuesday it will create a new national investment bank to boost infrastructure investment with the help of Tesco Bank <TSCO.L> chief executive Benny Higgins. “We believe that the time is now right to take a new approach on capital investment,” First Minister Nicola Sturgeon told Scotland’s parliament as she set out a new legislative programme.

This seems like a reversal of the global trend to privatization of all government owned assets. In the past, government owned banks have played a pivotal role in industries such as agriculture. It seems that the only beneficiaries of the sell offs have been the banking industry and politicians who get a bigger pork barrel fund.

Is this a good idea?
"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975
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