Scottish Budget announced

The new Scottish Budget announces spending commitments that comprise supporting businesses and business growth, as well as measures to attract private investment, allowing Scotland to be one of the world’s most attractive places for entrepreneurs and start-ups.

These new spending commitments include giving the Scottish National Investment Bank £200 million in 2025/26 to support Scottish businesses, as well as giving enterprise agencies more than £320 million. Also included is an enterprise package to boost entrepreneurship and develop high-tech companies by granting them £15 million, with at least £4 million going towards helping women start and grow their own businesses.

A further £100 million will go towards expanding Scotland’s digital infrastructure, with £62 million to be allocated towards regeneration projects that aim to revitalise towns and communities. The Budget also intends to triple capital investment in the offshore wind supply chain to £150 million in 2025/16, which will further accelerate the Scottish government’s £500 million commitment to offshore wind.

Deputy first minister and economy secretary Kate Forbes said: “The economy is the beating heart of any modern nation. It is where opportunity and national prosperity are the rewards for innovation and creativity.

“We have built a firm foundation over the past year with steady growth and a rise in wages. Now it is time to accelerate that progress. Businesses create wealth and it is the government’s job to develop an environment that helps them grow, attracts investment and supports innovation. That in turn creates jobs and puts more money in people’s pockets.

“The Budget that we have set out has been developed in partnership with the businesses I meet every day. I hope it sends a signal to the world that Scotland is open for business.”