Capital spending boost

The First Minister today announced the sixteen projects that will benefit from the Scottish Government’s stimulus package to support the economy following the EU referendum result.

The projects will support and create employment and are being brought forward as part of a £100 million capital investment package.

They include a £20 million investment in energy saving measures for homes and public sector buildings, £33 million to upgrade and maintain the further and higher education estate and £10 million will go towards local economic development projects across the country.

Each project has been assessed against a range of criteria including how quickly work can start, the number of jobs that will be supported or created, the likely impact on the supply chain and geographic spread.

The First Minister also confirmed that European Structural Funds projects with a total value of £290 million have now been approved. With partner funding this means investment of £650 million in communities and businesses.

Economy Secretary Keith Brown said:

“This Government acted quickly following the EU referendum to bring forward a substantial stimulus package to boost business confidence and keep our economy moving.

“Last month, the First Minister announced that a £100 million will be injected into our capital spending plans, providing a significant boost to the £6 billion worth of projects already under construction.

“This spending will deliver a stimulus for our economy, helping to retain skills and activity in key sectors as well as creating public assets that will have long-lasting economic, social and environmental benefits.

“From investing £20 million in energy efficiency measures to make our homes and public sector buildings cheaper to run, to £10 million for local economic development, these projects will help to boost our economy and provide a real benefit to people across the country.

“European Structural Funds support important economic, employment and social priorities, helping to grow our economy. Alongside our efforts to maintain a relationship with the EU we have been working to speed up approval processes to ensure that money reaches businesses, communities and individuals where it is most needed. With £290 million of Structural Funds projects now approved, reaching £650 million with partner funding, we are investing in Scotland’s people, communities and businesses.

“These steps form part of our efforts to support the economy in the wake of the EU referendum result and to equip Scotland’s economy for the challenges ahead.

On top of this, we have called on the UK Government to follow our lead and bring forward a similar capital investment package at the earliest opportunity, allowing us to do even more in Scotland to support our businesses.”