Scotland will benefit from investment in transport, business and technology, as the Chancellor set out his plan to reward the hard work of the British People.
This year’s Budget provides a comprehensive plan to support the heath service, our high streets, and ensure working people have more money in their pocket.
Today’s announcements for Scotland include:
Increasing the Scottish Government’s budget by over £950 million through to 2020-21, before adjustments for tax devolution.
- Supporting Scotch Whisky producers by freezing Spirits Duty for the second Budget in a row. This means that the price of a typical bottle of Scotch Whisky is 30p lower than if it had risen by inflation.
- Committing £150 million to allow a Tay Cities Deal to be agreed. We will also open formal negotiations for a Moray Growth Deal and continue to support the Ayrshire and Borderlands Growth Deals by working with the Scottish Government and local councillors and businesses.
- Maintaining support for the oil and gas sector by removing tax barriers to new investment in the North Sea. We will introduce a transferable tax history mechanism, allowing companies selling North Sea oil and gas fields to transfer some of their tax payment history to their buyers.
- Launching a call for evidence on what more should be done to further strengthen our position as a global hub for the decommissioning of offshore oil and gas infrastructure.
- Appointing a Scotland-based team for the British Business Bank’s UK Network. This will identify and reduce geographical imbalances in access to finance for small businesses across the UK.
- Supporting the Scottish fishing industry with £10 million to establish an innovation fund. UK Research and Innovation will establish an innovation fund to ensure the UK is a world leader in safe, sustainable and productive fishing.
- Freezing fuel duty for the ninth year in a row, saving the average driver £140 compared to what they would have paid under Labour. This will help people to keep more of their own money.
- Increasing the National Living Wage to £8.21, boosting the pay packets of the lowest paid. There are 117,000 people in Scotland having a pay rise in 2018 thanks to the National Living Wage, helping to boost the pay of the lowest paid.
‘The Chancellor has set out how the hard work of the British people is paying off, our careful fiscal management and solid economic recovery means that austerity is coming to an end.
‘We have seen a significant upgrade to our public finances, underscoring the strength of the economic recover.
‘Now we turn our eyes to the future, meaning more support for our great public services, help for household budgets now, and investment for the long-term to deliver higher living standards as our economy grows.’