SCDI Response to UK Budget

Commenting on today’s Budget SCDI Chief Executive, Sara Thiam, said:

“We welcome and are reassured by the bold action taken by the Chancellor today in his three-part plan to address the ongoing challenges to businesses and household due to the pandemic.

We had asked for and are grateful that the Job Retention Support scheme has been extended to September to support workers and businesses unable to operate fully before then. And we welcome other measures to support business including the 5% freeze on VAT on the hospitality and tourism sectors to September and the reduced rates from September to March.

Getting businesses open and trading again is key to our economic recovery and restart and we welcome the creation of the UK Infrastructure Bank, increased capital allowances for business and the consideration being given to how to further reform R&D tax incentives.

Our Manifesto for Clean Growth has called for significant investment in the green economy and we are very pleased to see support for this including support for the Aberdeen Energy Transition Zone, Global Underwater Hub and to further develop the North Sea Transition Deal.  We also welcome measures to unlock finance for sustainable investment from a range of other sources.  We are delighted to see Growth deals for Falkirk, Ayrshire and Argyll & Bute and look forward to supporting these areas achieving their growth deal objectives.

We look forward to the details of the spending commitments and how they may support any further enhancement to current budgeted spend in Scotland.”

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