The SNP’s mismanagement of enterprise policy has resulted in a loss of nearly £100 million through failed businesses over the past decade, the Scottish Conservatives have said.
Statistics obtained by the party have revealed, since 2007, that the SNP’s main enterprise body has made £94.9 million worth of investments in firms that went bust shortly after.
It’s the latest example of SNP government financial waste, which has been blamed for dwindling public resources and the nationalists’ decision to hike income tax.
In total, over the past 10 years, there have been 698 instances where Scottish Enterprise supported a firm, only to subsequently waive or abandon the cash.
Last year alone, £11.1 million was wasted across 37 different cases.
Examples in recent years of failed investments include £15 million in Aquamarine, the Edinburgh wave power firm which ceased trading in 2015.
And £16 million was lost the previous year in Pelamis, another wave power firm.
The Scottish Conservatives revealed last month that the Scottish Government’s financial mismanagement had cost taxpayers £1 billion over the last decade.
Scottish Conservative shadow finance secretary Murdo Fraser said:
“We are now seeing the real reason why the SNP is introducing the Nat Tax in Scotland, and this is just the latest example of its financial mismanagement.
“With enterprise policy, there will always be a risk of investments going wrong.
“That’s the very nature of the business, but for nearly £100 million to have been squandered in this way is simply wasteful.
“The SNP is meant to use taxpayers’ money responsibly to support enterprise development and fledgling businesses, providing a general boost to the economy in the process.
“But too often these investments have come to nothing, and the public purse has been seriously dented as a consequence.
“If the SNP is serious about running a tight financial ship, it should do more to ensure future investments are made more wisely.”