Sunday, 22 November 2015

New Research - Public Investment Responsible for 'Up To Half' of Growth


The SNP has welcomed new expert research which suggests “between a third and a half of overall GDP growth” in Scotland is thanks to public investment in infrastructure – highlighting the importance of the Scottish Government’s commitment to investment in the face of UK Government austerity.

New research from the Scottish Parliament Information Centre (SPICe) found that “around two thirds of the growth over the last year (for which data are available 2014Q2 to 2015Q2) is accounted for by the construction sector” – and that the total value of construction output in Scotland increased by £716 million during this period. SPICe therefore estimates that “between a third and a half of overall GDP growth between Q2 2014 and Q2 2015 can be attributed to public housing and infrastructure investment.”

The SNP’s strong track record on delivering on infrastructure investment comes despite a UK Government cut to Scotland’s capital budget of 25 per cent.

Commenting, SNP MSP Kenneth Gibson, Convener of the Scottish Parliament’s Finance Committee, said:

“Investment in infrastructure is one of the main economic levers the Scottish Government has it its disposal – and these new figures show that the SNP is using these powers to the full, boosting our economy, delivering key projects and creating jobs.

“That this level of growth has been secured through public investment in the face of a 25 per cent cut to Scotland’s capital budget by the Tories is testament to the hard work of Nicola Sturgeon and John Swinney in government – and shows exactly what can be achieved by a government willing to invest, rather than one only willing to cut.

“The Scotland Bill as it stands leaves far too many key economic powers in the hands of George Osborne and a Tory government still wedded to their ideological commitment to austerity.

“But as these figures show, the SNP have always used every lever at our disposal to grow our economy and create more and better jobs here in Scotland, and we will continue to do so with each and every new power which comes our way.”
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