The Chancellor has today announced plans for spending in the UK for the next four years.
The UK will reach a budget surplus of just over £10bn by the end of the current Parliament, despite spending increasing from £765bn to £821bn by 2019/20.
George Osborne has announced an increase in capital funding for the Scottish Government of £1.9 billion, in addition to the Scottish Government’s ability to borrow up to £2.2 billion for capital investment. The Scottish Government’s budget will be protected in cash terms.
During the statement, the Chancellor also pointed out that had Scotland voted for separation last year, a Scottish Autumn Statement would be outlining “catastrophic cuts” in public spending and tax rises to fill the hole left by a 94% fall in oil prices.
Murdo has said the decision made by the Chancellor demonstrates that the UK Government is delivering for people across Mid-Scotland and Fife.
Murdo Fraser MSP said:
“Today the Chancellor has set out the right priorities for people across Mid-Scotland and Fife. In protecting tax credits the Chancellor has listened to families across the country and a £1.9 billion increase in capital spending for Scotland can help fund big projects like the new Forth Road Bridge.
“Pensioners in Perth and Kinross, Fife, Stirling and Clackmannanshire will also feel the benefit from the state pension’s biggest rise in 15 years and hardworking Scots on lower incomes will also welcome tax cuts.
“No doubt we will hear more scaremongering from the SNP that the UK Government is cutting too far and too fast. The reality is that this is a government hard at work to provide opportunity for everyone.By spending within our means we can continue to create record employment coupled with the fasted growing economy in the developed world.”