The UK Treasury has shared with SCC an embargoed press release that will be published this evening, detailing measures that the Chancellor Rishi Sunak will commit to in Wednesday’s UK Budget to support businesses and jobs in Scotland. The full press release is attached and a summary from the press release can be found below.
Chancellor Rishi Sunak is expected to commit £27 million for the Aberdeen Energy Transition Zone, a first step in delivering on the UK Government’s promise for a sector deal for the oil and gas industry.
Rishi Sunak is expected to announce up to £2 million to support the continued development of industry proposals for the North Sea Transition Deal and a further £5 million for the Global Underwater Hub in Aberdeen, building on last year’s £1.3 million commitment.
The Ayrshire Growth Deal will receive an extra £3.4 million per year from 2021/22 for the remaining 10 years of the Deal. The Deal has a focus on regeneration, infrastructure and aerospace technology and is expected to leverage private sector investment of more than £300 million, with the potential of creating up to 7,000 new jobs.
The Argyll & Bute Growth Deal will receive an extra £800,000 per year from 2022/23 for the remaining 10 years of the Deal. This will lead to faster investment in priority areas such as tourism, housing and digital connectivity.
The Falkirk Growth Deal will receive an extra £1.3 million per year from 2022/23 for the remaining 10 years of the Deal. This will lead to faster investment in key areas such as infrastructure improvements to support sustainable travel, tourism and energy.