Scottish Futures Trust
A limited company, the Scottish Futures Trust (SFT), has been set up to help deliver vital infrastructure projects at better value for taxpayers' money.
The SFT will develop the expertise and investment models for a range of public projects including new schools, hospitals and transport projects. This will include the Non-Profit Distributing (NPD) model, designed to reduce financing costs and deliver greater impact from investment.
Sir Angus Grossart has been appointed as chairman of the SFT and two non-executive directors were recently appointed to the SFT Board to support Sir Angus with the task of steering the development of the organisation and ensuring it tackles its tasks effectively and achieves its goals. They are Councillor Jim Fletcher, Leader of East Renfrewshire Council and Colin Maclean, former group head of Procurement and Supply Chain Management with BP. The SFT's Chief Executive's position is presently being advertised.
The SFT will aim to:
- Release up to £150 million each year for increased investment in infrastructure through greater partnership, improved preparation and handling of projects, and better value finance - including the NPD model
- Bring together the expertise to enable a Scotland-wide municipal bond to fund future infrastructure projects
- Provide opportunities for more effective investment in Scotland's vital public service infrastructure
- Learn the lessons from previous PFI contracts to reduce the cost of financing and deliver more effective investment planning, procurement and delivery
In May 2008, the Scottish Government published Taking Forward the Scottish Futures Trust, which presented the strategic business case supporting the creation of SFT. It explained how SFT would support the effective planning, funding and delivery of public sector infrastructure investment across Scotland, providing a better deal for taxpayers as a result.
The business case followed a public consultation in 2007.
An executive team which includes personnel from the former Scottish Government's Financial Partnerships Unit is currently working under Sir Angus Grossart's leadership to take forward the workstreams identified in the SFT Business Case. This arrangement will continue while the process of recruiting the Chief Executive takes place so that no time will be lost in taking forward SFT's work.
The SFT website is currently under construction but correspondence in relation to the SFT can be made by e-mail to:Mailbox@scottishfuturestrust.org.uk.