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Budget will 'boost Scots economy', says Michael Moore Budget will 'boost Scots economy', says Michael Moore
(about 1 hour later)
Scotland will get an extra £176m over the next two years as a result of the Budget, the UK government has said.Scotland will get an extra £176m over the next two years as a result of the Budget, the UK government has said.
The deal will see a £279m increase in capital investment, but there will be a cut in day-to-day spending of £103m.The deal will see a £279m increase in capital investment, but there will be a cut in day-to-day spending of £103m.
Scottish Secretary Michael Moore said the Budget would build a stronger economy in Scotland by supporting families and businesses.Scottish Secretary Michael Moore said the Budget would build a stronger economy in Scotland by supporting families and businesses.
The Scottish government is due to give its reaction to Chancellor George Osborne's spending announcements.The Scottish government is due to give its reaction to Chancellor George Osborne's spending announcements.
Mr Moore said people in Scotland would benefit from increases in tax allowances, the cancellation of the fuel duty increase and additional childcare support.Mr Moore said people in Scotland would benefit from increases in tax allowances, the cancellation of the fuel duty increase and additional childcare support.
He also said business would be helped by a cut in corporation tax and other measures, and highlighted continuing support for the oil and gas sector.He also said business would be helped by a cut in corporation tax and other measures, and highlighted continuing support for the oil and gas sector.
According to the UK government, the Budget will result in:According to the UK government, the Budget will result in:
Highlighting other measures, the UK government said the Budget would:
Mr Moore said: "Today's budget shows the Coalition government is building a stronger economy and fairer society to equip Scotland and the UK to succeed in the global race.Mr Moore said: "Today's budget shows the Coalition government is building a stronger economy and fairer society to equip Scotland and the UK to succeed in the global race.
"We face many economic challenges but this government has shown we can deliver, with one million private sector jobs and increasing personal tax allowances to £10,000 - taking 224,000 people in Scotland out of tax altogether.""We face many economic challenges but this government has shown we can deliver, with one million private sector jobs and increasing personal tax allowances to £10,000 - taking 224,000 people in Scotland out of tax altogether."
The Scottish secretary sent on: "We are supporting families, individuals, both small and large businesses, and investing in the future with this Budget.The Scottish secretary sent on: "We are supporting families, individuals, both small and large businesses, and investing in the future with this Budget.
"It is good news for Scotland and will help us build on the positive changes we are making to rebalance our economy.""It is good news for Scotland and will help us build on the positive changes we are making to rebalance our economy."
Meanwhile, the UK government said new figures published by the independent Office for Budget Responsibility (OBR) forecast total North Sea oil and gas revenue at £33.9bn between 2012-13 and 2017-18.
Westminster ministers said this was a downward revision of £0.9bn since the spending statement in the Autumn and "considerably less" than those published by the Scottish government last week.
The Scottish government bulletin highlighted four potential scenarios that it says, taking account of recent trends in investment and prices, could result in the industry generating between £41bn and £57bn in tax revenue between 2012-13 and 2017-18.
Mr Moore said: "There is a gulf between those independent OBR figures and the hugely optimistic numbers published by the Scottish government last week."