New £400m handout to help prop up Scottish economy
Stephen Barclay: ‘funding provides certainty’
A further £800 million to support businesses and public services is being handed to the devolved administrations in Scotland, Wales and Northern Ireland.
Half the new money is for the Scottish Government, £200m for Wales and £200m for the Northern Ireland Executive.
Today’s announcement increases the UK Government’s upfront guarantee this year to at least £16.8 billion on top of funding outlined in Spring Budget 2020.
This funding can be spent on priorities such as the NHS and business support.
Any changes to devolved funding are normally confirmed towards the end of the financial year – but in July the UK Government introduced a guarantee to provide them with funding certainty to respond to Covid-19.
Chief Secretary to the Treasury Steve Barclay said: “We’ve already committed unprecedented levels of support to Scotland, Wales and Northern Ireland.
“This extra funding will provide the nations with the certainty they need to plan through these difficult months.
“We remain committed to an economic recovery for the whole of the United Kingdom and will continue to work closely with the devolved administrations to support people and businesses.”
People and businesses in Scotland, Wales and Northern Ireland will also continue to benefit from the UK Government’s £280 billion UK-wide economic response package.
This includes schemes such as the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme providing billions in support to businesses across the three regions.
Alongside this, millions of jobs in the three regions continue to be supported through the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme.