Scotland's Economy

Pre-Budget update on Government Economic Strategy

September 10, 2012 by John Swinney MSP No Comments | Category Economy

A year has past since we refreshed our Government Economic Strategy (GES) and today we’ve published a report demonstrating progress in our actions to drive growth and develop a more resilient, adaptable economy.

Accelerating sustainable economic growth remains the focus of this Government and next week I will deliver a Budget for growth, which will capitalise on opportunities to strengthen Scotland’s recovery.

Today’s report reflects on the past year and how the GES is driving action across Strategic Priorities, including:

A further £105 million package of economic stimulus – announced in June 2012 – to create jobs and growth.

• Our four new Enterprise Areas are open for business.

• Ensuring that our £9 billion public procurement spending does more to boost jobs and the Scottish economy.

• Our £70 million National Renewables Infrastructure Fund is leveraging private sector investment to develop the necessary infrastructure to support offshore renewables.

• The continuation of the Small Business Bonus Scheme, which has eliminated or substantially reduced business rates for two out of every five commercial properties in Scotland.

• Creation of Opportunities for All, which ensures a guarantee of a place in education and training for all 16-19 year-olds, and an additional £30m investment in measures to address youth unemployment.

The priorities and actions set out last September remain relevant as ever. I am actively exploring what more this Government can do, through the Budget, to boost jobs and growth in our key sectors, including the construction industry.

Next week’s Budget will have a strong focus on building on the foundations for long-term economic prosperity that we set out in 2007.

We are doing all we can within our current powers to strengthen the economy but there is no doubt that with the full fiscal and economic powers of independence, more could be achieve – something more and more successful business leaders and wealth creators are recognising. Only through independence, can we best determine and create the best possible environment for Scotland’s economic success.

Tags: economic growth, Government Economic Strategy, National renewables Infrastructure Fund, Opportunities for All, Small Business Bonus Scheme

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