Spending on the economy to increase by 64%

(Article via www.gov.scot)

Public spending on economic growth is set to rise to more than double the level by the UK Government, according to Finance Secretary Derek Mackay.

Reflecting the Scottish Government’s determination to seize opportunity and grow Scotland’s economy, the growth package will see spending on the economy increase by 64% – an increase of £270 million – in 2018-19.

Even before the Draft Budget was presented, the Scottish Government was investing more in economic development than the rest of the UK. Spending on economic development last year was equivalent to £193 per head in Scotland, compared to £88 per head in the UK as a whole.




Finance Secretary Derek Mackay said:

“We are absolutely committed to supporting business and growing Scotland’s economy – particularly in the wake of Brexit uncertainty and UK Government austerity – and our investment per head on economic development dwarfs that of the UK Government.

“We have more than doubled our spending on economic growth, with spending per head now more than £100 higher in comparison to the UK Government, and will deliver a growth package to stimulate our economy and provide stability in the wake of Brexit uncertainty and UK Government austerity.

“We are delivering a record £2.4 billion investment in enterprise and skills, a £4 billion commitment to infrastructure and £600 million to broadband, ensuring every home or business premise in Scotland has access to superfast broadband.”

“This is a good budget for business, for investment and for taxpayers and will ready Scotland for the future – but it is absolutely vital that the UK Government commits to remaining in the EU single market and the customs union to protect jobs and investment in Scotland.”

Background

Information on spending on Enterprise and economic development in 2016-17 in Scotland and the UK is available in Government Expenditure and Revenue Scotland 2016-17, Tables 3.6 and 3.7 of the Draft Budget document. Accompanying population statistics are provided in table A1.

The growth package includes:

 

Article Source: https://news.gov.scot/news/a-budget-for-business