Chancellor Rachel Reeves’ Autumn Budget 2024 delivers the largest real-terms funding boost for Scotland since devolution, with an additional £3.4 billion allocated through the Barnett Formula.
The Chancellor emphasised in Parliament that this substantial allocation “must now be used effectively” by the Scottish Government to address Scotland’s public service needs. The funding is therefore expected to target critical areas like healthcare, education and community services, helping to ease demand pressures and improve quality across Scotland’s public sector.
Energy investments play a significant role in the budget, with Scotland positioned at the centre of the Great British Energy initiative. GB Energy will be headquartered in Aberdeen, solidifying the city’s role as a renewable energy hub and emphasising its strategic importance to the UK’s energy transition.
Among the 11 new green hydrogen projects funded across England, Scotland and Wales, East Renfrewshire in Scotland will host a site, contributing to a nationwide push for sustainable energy and job creation. This clean energy focus aligns with Scotland Government environmental goals and is projected to create thousands of new jobs across the region.
In addition to green energy, targeted regional investments were highlighted in the budget. Glasgow’s Innovation Accelerator programme will receive funding aimed at fostering innovation and encouraging further business opportunities, positioning Glasgow as a leader in industry and technology development.
Further investments in Argyll and Bute are expected to stimulate local job creation, enhance infrastructure, and address the need for economic support in more rural and coastal areas. Together, these initiatives underline a focused approach to promoting balanced growth across Scotland’s urban and rural communities.
It’s not all good news with the price of a dram going up, much to the dismay of the Scotch Whisky Association.
Of course, the budget includes broader fiscal policies that could impact individuals across Scotland. New regulations on inheritance tax (IHT), capital gains tax (CGT), pensions and other announcements will likely have tangible effects on Scottish families and investors.
The impact of these tax and pension reforms will depend on how individuals adapt to the changes and on the details of implementation.
Among the 11 new green hydrogen projects funded across England, Scotland and Wales, East Renfrewshire in Scotland will host a site, contributing to a nationwide push for sustainable energy and job creation.
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