Pre-empting the announcement of the Scottish Spending Budget, Cabinet Secretary for Finance Employment and Sustainable Growth, John Swinney MSP said one of its goals was to support business in the face of austerity.
The Scottish Government’s budget is being cut by close to 11 per cent between 2010-11 and 2015-16 and is projected to continue being reduced until at least 2017-18.
He outlined steps that would be taken to boost Scottish business, including: support of investment led recovery, creation of jobs, boosting housing, continuing progress towards a low carbon economy, providing record numbers of apprenticeships and supporting small businesses.
Mr Swinney said these goals would be achieved by:
- Investing £24m – in 2015-16 – to establish a National Performance Centre, which would sustain the legacy of the Games.
- Maintaining the Small Business Bonus Scheme and business rates relief in the UK, worth over £560m each year.
- Continuing collaboration with the Scottish Investment Bank and the SME Growth Fund.
- Supporting two major contracts with BT – worth over £280m – to ensure 95 per cent of for superfast broadband.
- Making low carbon economy a key theme of Scottish Economic Strategy.
- Providing £200m – over the next two years – for schemes such as the National Renewables Infrastructure Fund.
- Extending the Renewable Energy Investment Fund by a further year to 2015-16.
- Maintaining the Sustainable Action Fund for the next two years.
- Investing an additional £15m in peatland restoration.
- Delivering £50m investment in the Warm Homes Fund a full year ahead of previous plans
- Working with the private sector, to secure around £200m for measures to tackle fuel poverty.
- Delivering around £40m investment in sustainable transport through the Future Transport Fund over the next two years.
- Investing an extra £20m in active travel support.
Mr Swinney said: “Scotland is a wealthy and a productive nation. We have paid more in tax per head in each of the last 30 years than the rest of the UK.
“We have a highly-skilled workforce, a long-standing reputation for innovation, a respected and recognisable brand, world class universities and sectors and companies competing at the highest level across international markets.
“With the full decision making powers of independence I should, be able to present a budget that puts all of that economic strength to use in building a more prosperous and a more just Scotland.
“Instead, as a result of Westminster’s decisions, I must present a budget constrained by significant cuts.
“Westminster’s programme of welfare cuts is taking money out of the Scottish economy, adding to the burden on our public services and hitting household budgets.
“Despite this, the decisive and distinctive measures we have taken in Scotland are delivering results.”
