Scotland to receive ‘significant’ boost from £100 billion UK capital investment

Rishi Sunak

RISHI Sunak has unveiled a spending review for the UK with a promise of helping ‘every corner’ of Scotland to build back better and fight Covid-19.

The UK Government chancellor announced that Scotland will receive £2.4 billion of new funding in 2021/22 through the Barnett formula for devolved areas.

Mr Sunak also confirmed that Scotland will receive a ‘significant’ boost from more than £100 billion of capital investment across the UK in 2021/22, which he said will improve connectivity and productivity.

Further to this will be an acceleration of the city and growth deals, which are joint funded between the UK and Scottish governments. Tay Cities, the Borders, Moray and the Scottish islands will now be funded over ten years, rather than 15 years.

The UK Government said that, by bringing forward the investment, Tay Cities will receive an additional £6.3 million each year, the Borders an extra £2.1 million, Moray an extra £1.1m, and the Scottish islands an additional £1.7 million.

Mr Rishi Sunak said, “This spending review will help people in every corner of Scotland.

“It will provide billions of pounds to fight coronavirus, deliver the peoples’ priorities and drive the UK’s recovery.

“The treasury is, has been, and will always be the treasury for the whole of the United Kingdom. And this is a spending review for the whole of the United Kingdom.”