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Days after it emerged that Scotland's National Investment Bank posted losses of £137.5million in 2025-26, this Daily Mail opinion piece argues the episode typifies a wider culture of unaccountability among SNP ministers, MSPs and public sector officials. The bank's chief executive, David Ritchie, is nonetheless in line for a £34,000 performance bonus on top of his £214,000 salary, prompting the piece to accuse Scotland's political and administrative establishment of insulating decision-makers from the consequences of failure.
The article notes the bank was launched by Nicola Sturgeon in November 2020 with a pledge of £2billion in taxpayer support over a decade, billed as one of devolution's most significant developments. It cites Scottish Conservative spokesman Craig Hoy's criticism that taxpayers are "stomaching" £138million in losses while executives still collect bonuses, and draws a parallel with the case of former NHS Fife chief executive Carol Potter, who announced early retirement shortly before an employment tribunal ruling in the Sandie Peggie case concerning changing-room facilities at Victoria Hospital, Kirkcaldy.
In short
- Scottish National Investment Bank lost £137.5million in 2025-26
- Chief executive still due £34,000 bonus atop £214,000 salary
- Piece cites this as part of a pattern of SNP-era unaccountability
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Critics can argue that large public losses alongside a substantial executive bonus call for clear accountability, especially when the bank was launched with a major commitment of taxpayer funds. They may also see the NHS Fife episode as part of a broader concern that senior public-sector figures can leave office without explaining their decisions or facing meaningful consequences.
The case against
Defenders can argue that a reported loss alone does not establish mismanagement: an investment bank’s performance should be judged against its long-term purpose, portfolio risks and agreed measures, while bonuses may reflect contractual targets rather than a single year’s result. They may also caution that an executive’s retirement near a tribunal ruling does not, by itself, show evasion or institutional protection, and that claims of a wider culture of unaccountability need evidence beyond these examples.
Explained simply
Scotland’s Parliament has powers over areas including health and economic development, and the Scottish Government is led by ministers drawn from elected members of the Parliament, known as MSPs. The SNP has led the government for much of the period since devolution began in 1999, with Nicola Sturgeon serving as First Minister from 2014 to 2023.
The Scottish National Investment Bank opened in 2020, with a plan for up to £2 billion of public funding over ten years to support businesses and projects in Scotland. Its chief executive, David Ritchie, leads the bank’s day-to-day work; public bodies such as the bank and NHS boards are also subject to scrutiny over how they use public money and make decisions.