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Over £100m to stimulate economic growth

27/06/2012

A £105 million package of economic stimulus which, this year, will maximise opportunities to create jobs and growth, was announced today by Finance Secretary John Swinney. 

Mr Swinney outlined proposals to support new investment and accelerate projects from future years to boost the economy.

The Scottish Government has repeatedly called on the UK Government to provide resources for capital investment in order to support economic recovery. Today’s announcement demonstrates that where the Scottish Government has fiscal flexibility, it will use its resources in order to boost recovery.

Each of these projects can be taken forward quickly and will deliver the maximum economic impact from the funds available. They cover key policy priorities for the Scottish Government, including renewables, tourism, transport and housing.

They include:

  • £22  million of investment in renewables and low carbon initiatives;
  • Accelerated investment of £15 million and additional investment of £20 million in housing ;
  • Accelerated investment of £15 million to expand our existing programme of maintenance of our hospitals;
  • Investment in colleges at Inverness Campus;
  • Taking forward a number of additional transport projects including funding for green buses; the causeway at Kennacraig and improvements to the A75 Hardgrove to Kinmount route;
  • Investment in additional regeneration and enterprise projects – in Rutherglen, Bridgeton,  Forres, and Inverclyde;
  • Additional investment in visitor facilities within our national parks and Forestry Commission estate; and
  • Further investment in the maintenance of our cultural assets – through Historic Scotland, Creative Scotland, National Records of Scotland, National Library of Scotland and National Galleries of Scotland 

Cabinet Secretary for Finance, Employment and Sustainable Economic Growth John Swinney said:

“The Scottish Government is maximising the value of every public pound available as we take forward our programmes to support economic recovery and deliver high-quality, efficient public services.

“Our careful management of Scotland’s finances means that we are able to increase levels of capital investment now to boost our future prosperity. 

“While these projects will support and stimulate economic growth, they will also deliver on a range of wider objectives such as environmental and health improvement, housing, greener transport, maintenance of our health estate, and culture and tourism. We are also focusing our support on local economies and investment in key geographical areas.

“By accelerating this programme of capital investment we are taking action where the Westminster Government has failed to do so.  As I have said repeatedly, the UK’s austerity approach is failing to produce growth in the UK economy and we are doing everything possible, within our current powers, to make sure that that this doesn’t damage our efforts to build sustainable economic growth for Scotland.”