A joint call for investment has been issued to the Chancellor on
the eve of the UK Budget from Scottish Government and Scottish
Chambers of Commerce.
Speaking to business leaders at a reception with the Scottish
Chambers of Commerce on Tuesday 29 October, First Minister said:
“My Government is committed to growing the economy to generate
the wealth to invest in our public services and eradicate child
poverty. We want to use that investment to create a partnership
between government and business that will make the most of
Scotland's many economic opportunities.
“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 Office for Budget Responsibility highlighted recently the
potential for public investment to deliver permanent improvements
in the economy. It is welcome that my calls for the Chancellor to
amend her fiscal rules have been heard, with indications last
week that there will be scope for greater investment.
“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.
With these new rules in place the Chancellor must use the fiscal
headroom they create to deliver a Budget that immediately and
significantly enhances Scotland's resource and capital funding,
enabling us to invest more in our public services and take
forward the vital infrastructure projects that support economic
growth, net zero, and action to tackle child poverty.”
Scottish Chambers of Commerce Chief Executive Dr Liz Cameron CBE
said:
“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.
“The Chancellor's actions and the message they send will directly
impact business confidence and investment at a time when we need
to create positive momentum. We hope that our calls to support
business have been listened to and not ignored.”
Background
The Office for Budget Responsibility's conclusions on impact on
GDP of a permanent uplift in capital investment can be found on
page 23 of Discussion paper No.5:
Public investment and potential output (obr.uk)
UK Autumn Budget: Letter
to UK Government - gov.scot (www.gov.scot)
