Question to the HM Treasury:

To ask Her Majesty's Government what recent steps they have taken to help support the Scottish economy.

The UK government is committed to building back better and levelling up in Scotland, as it is to all parts of the UK.

Our economic response to the pandemic has been UK-wide and continues to be one of the largest and most comprehensive in the world. £400 billion of direct economic support has protected millions of people’s livelihoods in every part of the United Kingdom. Furlough and Self Employment Income Support schemes safeguarded, in Scotland alone, over 1 million jobs and livelihoods.

The UK government continues to support economic growth across Scotland through our Plan for Growth and multi-billion-pound Plan for Jobs and increasing wages through the National Living Wage rise in April 2022. We are improving productivity by investing in infrastructure through the UK Infrastructure Bank and providing £150 million for British Business Bank investment in Scotland. Plus there is Scotland’s share of our £5 billion Project Gigabit, where Central Scotland is one of the first areas to get funding for next generation broadband.

In Scotland, the UK government is also investing £1.49 billion in 12 City and Growth Deals, stimulating local economic growth and jobs. Further, £172 million will be allocated to 8 projects in round one of the Levelling Up Fund, including to the redevelopment of Inverness Castle, the renovation of the Westfield Roundabout in Falkirk, and a new marketplace in Aberdeen City Centre.

In addition, the UK government is providing the Scottish Government with an additional £4.6 billion per year on average through the Barnett formula over the Spending Review period, on top of its annual baseline funding of £36.7 billion.

This funding is enabling the Scottish Government to support economic recovery and growth in Scotland and to provide additional investments in areas such as health, social care, environment and education.