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Autumn Statement and what this means for Scotland

      Autumn Statement and what this means for Scotland

      The Chancellor delivered his Autumn Statement today, and we thought it would be helpful if we set out the key elements and measures; in particular to how they relate to Scotland.

      Today’s Autumn Statement saw the Chancellor set out announcements which will build an economy that works for everyone, in Scotland and the whole of the UK.

      The UK Government’s decision to focus on infrastructure spending means that the Scottish Government’s budget will increase by more than £800m through to 2020-21, giving it even greater spending power to boost productivity and promote growth in Scotland, all while supported by the broad shoulders of the UK.

      How the increase in capital budget is spent in Scotland is up to the Scottish Government, which has the opportunity to take its own investment decisions as well as using its own tax, borrowing and welfare powers.

      Building an economy that works for everyone

      • Fuel Duty is frozen for the seventh successive year, which will save the average car driver in Scotland nearly £10 every time they fill up their car.

      • The National Living Wage is increasing from £7.20 to £7.50 to support jobs and earnings across the UK; and reducing the universal credit taper rate to 63% so people who progress in work can keep more of what they earn.

      • Personal allowance will increase to £12,500 by 2020-21, this will reduce the income tax bill for 2.6m individuals in Scotland in 2017-2018, and take 113,000 individuals out of income tax altogether.

      • Productivity

      • Scotland will benefit from UK-wide spending, notably through increases in investment in Research & Development (rising to £2bn a year by 2020/21) and digital infrastructure (over £1bn).

      • The government will appoint two regional FinTech envoys for Edinburgh and Glasgow. The envoys will encourage collaboration and raise awareness of FinTech opportunities.

        City Deals

      • The Chancellor announced that the government will work with local partners and the Scottish Government towards a city deal for Stirling. He also confirmed funding for Aberdeen and Inverness city deals; and that the government is continuing negotiations for Edinburgh, and examining proposal for Tay cities.

        LIBOR

        The Chancellor announced over £3.3m LIBOR fines for Scotland, including:

      • Almost £1m to Poppy Scotland, to develop holistic advice and information centre for veterans in Ayshire; and to establish the ‘Moving Poppy’, a mobile unit comprising a mini poppy factory and museum.

      • Over £1.5m to the Aberdeen Museums Development Trust, for renovating the Aberdeen Remembrance Hall.

      • Almost £200,000 for the Children’s Hospice Association Scotland, to provide support to every child facing palliative care and their families.

      • £20,000 for the Glen Art Bravehound Project, to support a Companion Dogs project for veterans with PTSD and other needs.

      • Almost £100,000 to ScotsERVS, to expand Hospital Volunteering Programme and support Emergency Vehicles in Scotland.

      • Almost £500,000 to the Wheatley Foundation, to provide housing support for veterans in Scotland.

        Full details can be found on the HM Treasury website: https://www.gov.uk/government/publications/autumn-statement-2016-documents/autumn-statement-2016.

        If you would like any further detail, please get in touch. Contact Us

        Your views are important to us and we would welcome your feedback on the Autumn Statement.

         

Last Modified: Thursday 24 November 2016 11:37
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