Europe, UK (Commonwealth Union) – The recent global pandemic that resulted in lockdowns across the world has left many economies across the world. Even though the UK had less lockdowns in comparison to many other nations the economy across the UK took a severe hit.
Secretary of State for Scotland, Alister Jack reiterated the UK Government’s commitment to fostering enduring economic expansion by injecting over £3 billion directly into various sectors across Scotland to bolster enterprise and prosperity.
Statistics released on May 1, 2024, unveil a marginal decline of 0.3% in Scotland’s onshore GDP for February 2024, following a 0.6% upturn in January.
However, over the three-month period leading up to February, GDP is estimated to have ascended by 0.4% in comparison to the preceding quarter, signaling a quarterly advancement subsequent to the 0.5% contraction (revised from -0.6%) witnessed in the fourth quarter of 2023 which was from October to December.
Alister Jack, emphasized the enduring pursuit of sustainable long-term growth, underscoring the imminent achievement of the 2% inflation target and the importance of adhering to the established strategy for realizing these objectives.
He recently highlighted the substantial benefits accrued by 2.4 million Scottish workers through the recent 2p National Insurance reduction, resulting in an annual saving of £833 per average worker. This reduction, coupled with the significant increase in the national living wage, underscores the government’s commitment to bolstering the financial well-being of its citizens.
“The UK Government is now investing more than £3billion direct into communities across the whole of Scotland, boosting trade and encouraging opportunity throughout the UK.”
According to a government statement the cumulative effect of the Autumn and Spring policy initiatives is anticipated to yield a permanent 0.5% upsurge in potential output by the conclusion of the OBR’s forecast period. Notably, the implementation of full expensing represents the largest business tax reduction in contemporary British history, with an estimated value exceeding £50 billion over the ensuing five years. Such measures aim to incentivize corporate investment by reducing financial burdens.
