Scottish Government and Chambers of Commerce Urge Investment in UK Budget

30/10/2024
FKK6T0 John Swinney MSP (SNP) Deputy First Minister of Scotland in London for meetings about the Scottish budget 2016

In a united appeal to the Chancellor ahead of the UK Budget, the Scottish Government and Scottish Chambers of Commerce have called for strategic investments to secure Scotland’s economic future. Speaking at a reception with business leaders on 29 October, First Minister John Swinney emphasised the need for investment to foster economic growth and support public services.

Swinney stated, “My government is committed to growing the economy to generate the wealth to invest in our public services and eradicate child poverty.” He highlighted the importance of collaboration between government and business to maximise Scotland’s economic opportunities, particularly through projects like the Acorn carbon capture initiative. “It takes political willpower to adapt and evolve our economies and grow thriving societies in all four nations – something the Chancellor can signal by including steps to advance the Acorn carbon capture and storage project in the UK Budget, which would provide new opportunities for workers in the oil and gas sector in Grangemouth and in other parts of Scotland.”

The First Minister also noted recent insights from the Office for Budget Responsibility, which underscored the potential of public investment to deliver lasting economic benefits. “The Chancellor has the chance to choose to deliver a UK Budget that invests in our public services and supports the entrepreneurial spirit displayed in Scotland’s business sector,” Swinney continued. He urged for fiscal rule changes to create room for increased investment, aiming to enhance Scotland’s resource and capital funding.

Liz Cameron, Chief Executive of the Scottish Chambers of Commerce, reinforced this focus on growth, stating: “Our budget focus is on growth, investment and competitiveness – that means investing in skills, technology and infrastructure, and equipping the workforce for tomorrow’s challenges.”

This joint call for investment seeks to ensure that Scotland can leverage its strengths and navigate future economic challenges effectively.

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