A Budget to grow Scotland’s economy
5 Dec 2024 12:14 PM
New spending and tax measures to boost growth.
Scottish Budget investment proposals set out transformative next steps to grow the economy.
Spending commitments include support for businesses and business growth, as well as enhanced measures to attract private investment.
The draft Budget also sets out how Scotland will be one of the world’s most attractive places for entrepreneurs and start-ups.
New spending commitments include:
- The Scottish National Investment Bank receiving £200 million in 2025/2026 to provide financial support for Scottish businesses while generating private sector investment
- Almost tripling capital investment in the offshore wind supply chain to £150 million in 2025/26, advancing the Scottish Government’s £500 million commitment to offshore wind
- Enterprise agencies receiving more than £320 million to help attract businesses and support expansion
- An enterprise package to boost entrepreneurship and develop clusters of high-tech companies receiving £15 million, with at least £4 million to help women start and grow their businesses.
Almost £100 million will be spent on expanding Scotland’s digital infrastructure, while £62 million is allocated to regeneration projects to revitalise towns and communities.
Deputy First Minister and Economy Secretary Kate Forbes said:
“The economy is the beating heart of any modern nation. It is where opportunity and national prosperity are the rewards for innovation and creativity.
“We have built a firm foundation over the past year with steady growth and a rise in wages. Now it is time to accelerate that progress. Businesses create wealth and it is the Government’s job to develop an environment that helps them grow, attracts investment and supports innovation. That in turn creates jobs and puts more money in people’s pockets.
“The Budget that we have set out has been developed in partnership with the businesses I meet every day. I hope it sends a signal to the world that Scotland is open for business.”
Background
Scottish Government Draft Budget details
Finance Secretary Shona Robison’s Budget statement