Scotland to receive extra £2.9bn after Spending Review

The £113bn spending package will result in an extra £2.9bn in the block grant as a result of the Barnett formula.

The Scottish Chambers of Commerce has welcomed the Spending Review as “a clear indication that the government is serious about growth”.

Dr Liz Cameron CBE, CEO, said: “With £86bn for science and technology earmarked, the Chancellor has rightly placed productivity, innovation and investment at the heart of the government’s growth plans.

“What we need now is for this positive momentum to continue by removing cost burdens on business to help unlock more private investment into the economy and to restore job creation.”

However, she added: “The investments outlined today have the potential to set the UK economy on the pathway to growth, but the Treasury needs more room to manoeuvre.

“We echo calls from the International Monetary Fund and leading economists calling for a review of the government’s fiscal rules to allow more flexibility to invest in long-term assets such as transport, infrastructure, connectivity and logistics.”