The Scottish Government-owned national investment bank made a huge £16m loss in the last financial year, with bosses blaming some of it on the £9m loan to Circularity Scotland. Operated independently of ministers, the institution will be handed a billion pound of public cash to invest in businesses.

However, the organisation confirmed in its latest financial accounts that it made a total loss of £16,633,000 which is almost double the cash lost in 2021/22 (£8,559,000). One of its most high-profile investments was into the administrator of the failed deposit return scheme, with £9m of taxpayer cash given to them.

Humza Yousaf was asked about this loss at Holyrood on Wednesday and defended the decision to hand £9m of public cash to Circularity Scotland. He claimed it was “right” for this loan to be made as he criticised the UK Government for blocking the deposit return scheme.

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