Annabelle Ewing's Vision for a Scottish National Investment Bank

Annabelle Ewing has set out an ambitious economic agenda centred on a Scottish National Investment Bank, a financial institution she believes can reshape Scotland's economic future. With her background in law and years of parliamentary service, Ewing combines technical understanding with practical experience to argue for an institution capable of mobilising capital towards long-term national priorities. Her vision extends beyond the existing framework, envisioning a vehicle that operates with the strategic intent of a sovereign wealth fund while remaining accountable to the Scottish public.

The proposal arrives at a time when many voters, from Glasgow to Inverness, and even observers in places like Melbourne or Sydney who follow federalist models closely, are questioning how public money is deployed. Ewing argues that patient capital, channelled through an institution insulated from short-term political cycles, can deliver the kind of steady infrastructure and business support that the Scottish economy has historically struggled to attract.

Mission and mandate of the bank

A national investment bank, in Ewing's framing, should serve as a strategic counterweight to commercial lenders who often overlook small enterprises and emerging sectors. Drawing inspiration from models like Australia's Clean Energy Finance Corporation, the institution would target investments that deliver measurable public benefits alongside financial returns. Ewing wants the mandate codified in legislation, ensuring that successive administrations cannot easily redirect its funds towards short-term consumption or electoral sweeteners.

The mandate would prioritise three interlocking goals: strengthening Scotland's productive capacity, accelerating the transition to net zero, and addressing regional economic imbalances that have left towns like Perth, Stirling, and Kirkcaldy reliant on inconsistent private investment. By tying capital allocation to demonstrable impact, Ewing believes the institution can build public trust in a way that traditional grant programmes often fail to achieve.

Capital structure and funding

A recurring criticism of state-owned lenders is their vulnerability to undercapitalisation. Ewing addresses this through a hybrid funding model combining initial seed capital from the Scottish budget with retained earnings and bond issuance backed by the Scottish Government. She has pointed to Australia's superannuation system, which channels hundreds of billions of dollars into long-dated assets, as evidence that patient capital pools can be assembled at scale when the policy framework is sound.

Crucially, Ewing insists that the institution should not become a vehicle for austerity by proxy. Its bond issuances should be treated as strategic investments in Scotland's productive base, similar to how the Australian Future Fund operates as a sovereign vehicle designed to fund long-term public liabilities. The objective is a balance sheet capable of supporting multi-decade infrastructure projects without exposing taxpayers to undue risk.

Supporting small and medium enterprises

SMEs are widely acknowledged as the backbone of the Scottish economy, yet many struggle to access the long-term finance required to scale. Ewing's plan designates a dedicated share of the bank's lending portfolio for SMEs, with a particular focus on those operating outside the central belt. She wants streamlined application processes, regional advisory panels, and partnerships with local authorities to ensure that businesses in places like Alloa, Auchterarder, and Crieff are not crowded out by applicants from Edinburgh's financial district.

This approach mirrors successful Australian initiatives, such as the Commonwealth's support for small business lending through Export Finance Australia, which has helped firms in regional cities like Newcastle and Geelong access working capital they would otherwise struggle to secure. Ewing argues that a Scottish equivalent, tailored to local conditions, can fill a similar gap north of the border.

Green investment and energy transition

The transition away from fossil fuels represents both Scotland's greatest environmental challenge and its most significant economic opportunity. Ewing wants the institution to play a leading role in financing renewable energy projects, particularly onshore and offshore wind developments along the east coast. Patient capital is well suited to these assets, which require substantial upfront investment but deliver stable returns over decades.

She has cited Australia's experience with large-scale solar farms in Queensland and wind projects in Victoria as illustrations of how sovereign-backed finance can accelerate deployment when private capital alone moves too slowly. By anchoring early-stage project finance, the Scottish institution could pull in private investors who currently hesitate to commit to long-dated green assets.

Innovation and the digital economy

Beyond physical infrastructure, Ewing sees the bank as a vehicle for supporting Scotland's growing digital economy. Software firms, biotech startups, and creative industries frequently report difficulty raising the patient capital they need to commercialise research emerging from Scottish universities. A dedicated innovation fund, capitalised through the institution, could provide vital runway for firms that might otherwise be acquired prematurely or relocate to London.

She has suggested that advisory panels include representatives from universities, industry bodies, and the Scottish tech sector to ensure that funding choices reflect genuine expertise rather than political fashion. The model draws loose parallels with programs in Australia's university sector, where state-backed venture funds have helped spin out companies in sectors ranging from medical devices to quantum computing.

Regional development and balanced growth

Ewing's constituency covers a wide rural and semi-urban area, and her regional development instincts are evident throughout the bank's design. She proposes ring-fenced allocations for the Highlands, the Borders, and the South Perthshire region, ensuring that investment reaches communities that commercial lenders frequently overlook. This would involve co-investment with local authorities and community organisations to identify projects with genuine local backing.

The approach reflects an awareness that economic recovery cannot be left solely to market forces. In Australia, state governments in Western Australia and Tasmania have used targeted investment vehicles to counterbalance the gravitational pull of Sydney and Melbourne, demonstrating that deliberate geographic distribution of capital produces more resilient regional economies.

Governance, transparency and accountability

A public investment vehicle succeeds or fails on the strength of its governance. Ewing has proposed a board comprising financial professionals, industry experts, and elected representatives, with rigorous transparency requirements around investment decisions, portfolio performance, and impact reporting. Annual reports would be laid before the Scottish Parliament and subjected to independent audit.

She has also suggested establishing a public dashboard, similar to those used by Australian federal agencies to track infrastructure delivery, allowing citizens to see where their money is deployed and what outcomes it achieves. By embedding accountability into the institution's DNA, Ewing aims to ensure that it operates with the discipline of a commercial lender and the purpose of a public servant.

Stand with Annabelle Ewing

If you want to see this vision move from blueprint to reality, Annabelle Ewing needs your support at the ballot box. Volunteer for the campaign, donate to help spread the message, or add your name to the mailing list to stay informed about upcoming events in Ochil and South Perthshire. Together, Scotland can build a financial institution worthy of its ambitions.