New research suggests “between a third and a half of overall economic growth” in Scotland is thanks to public investment in infrastructure, highlighting the importance of the SNP Government’s commitment to such investment in the face of UK Government austerity.
The Scottish Parliament Information Centre (SPICe) found that “around two thirds of the growth over the last year is accounted for by construction" with the total value of construction output in Scotland increasing by £716 million. SPICe therefore estimates that “between a third and a half of overall economic growth over the last year can be attributed to public housing and infrastructure investment.”
The SNP’s strong track record on delivering on infrastructure investment comes despite UK Government cuts to Scotland’s capital budget of more than 26%
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 SNP Government has it its disposal and these new figures show that we are using these powers to the full; boosting our economy, delivering key projects and creating jobs.
“That growth has been secured through public investment in the face of a 26% cut to Scotland’s capital budget by the Tories is testament to the hard work of the SNP Government and shows 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 a Tory government still wedded to their ideological commitment to austerity.
“Nevertheless, as these figures show, the SNP Government will continue to use every lever at our disposal to grow our economy and create more and better jobs here in Scotland. Indeed, that will be our aim with each and every new power which comes our way.”