The Scottish government will allocate funds to projects that support jobs or affect the supply chain  ©123RF
The Scottish government will allocate funds to projects that support jobs or affect the supply chain ©123RF

Scotland launches post-Brexit stimulus fund

11 August 2016

The Scottish government will add £100m to capital spending to support businesses in the wake of the UK vote to leave the EU.

The additional capital funding for this financial year aims to boost business confidence by speeding up the delivery of health and infrastructure projects.

Money from the fund will be allocated to projects based on the number of jobs supported or created, the likely impact on the supply chain and “how quickly work can start”, the Scottish Government said.

It also announced the creation of Business Information Service to support businesses affected by the EU referendum, and a “Post-Referendum Business Network” to help shape future government policy on business.

Nicola Sturgeon, Scotland’s first minister, called for a UK-wide stimulus package, and accused the UK government of not taking “meaningful action” to alleviate uncertainty and bring back business confidence since the UK voted to leave the EU. 

Remain

Scotland as a country voted to remain in the EU, and Sturgeon used the announcement to reiterate her intention to “protect Scotland’s relationship with the EU”.

“There are very real concerns that the damage [of Brexit] to the economy and to jobs will be severe and long lasting. It is against this background that the Scottish Government is announcing early action to boost confidence, stimulate economic activity and support business,” said Sturgeon.

“However, it is important that the UK government also acts and I am calling today for… a UK wide stimulus package which… would enable the Scottish Government to do more to accelerate capital spending.”

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