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Spending Review: Boost to Scottish capital expenditure Spending Review: Boost to Scottish capital expenditure
(about 1 hour later)
Scotland is to receive a major increase to capital expenditure as a result of the chancellor's spending review.Scotland is to receive a major increase to capital expenditure as a result of the chancellor's spending review.
The Scottish government's capital spending allocation will rise by 12.9% in 2015/16, the equivalent of £296m.The Scottish government's capital spending allocation will rise by 12.9% in 2015/16, the equivalent of £296m.
Chancellor George Osborne said the Scottish resource budget in 2015/16 would be £25.7bn, a 1.9% real terms cut.Chancellor George Osborne said the Scottish resource budget in 2015/16 would be £25.7bn, a 1.9% real terms cut.
Mr Osborne has been unveiling £11.5bn of cuts in a statement to the Commons, to help reduce the national deficit.Mr Osborne has been unveiling £11.5bn of cuts in a statement to the Commons, to help reduce the national deficit.
The chancellor told MPs: "Being part of the UK means Scotland will see its capital spending power increase by almost 13% in real terms in 2015-16.The chancellor told MPs: "Being part of the UK means Scotland will see its capital spending power increase by almost 13% in real terms in 2015-16.
"And rightly it's for the Scottish Parliament to decide how best to use it. Devolution, within a United Kingdom, delivering for Scotland.""And rightly it's for the Scottish Parliament to decide how best to use it. Devolution, within a United Kingdom, delivering for Scotland."
Mr Osborne also outlined so-called ''Barnett consequentials" resulting from reductions to department spending budgets in England.Mr Osborne also outlined so-called ''Barnett consequentials" resulting from reductions to department spending budgets in England.
He said: "Because we have prioritised health and schools in England, this feeds through the Barnett formula to require resource savings of around just 2% in Scotland, Wales and Northern Ireland.He said: "Because we have prioritised health and schools in England, this feeds through the Barnett formula to require resource savings of around just 2% in Scotland, Wales and Northern Ireland.
"The Scottish resource budget will be set at £25.7bn. And Scotland will benefit from new capital borrowing powers of almost £300m.""The Scottish resource budget will be set at £25.7bn. And Scotland will benefit from new capital borrowing powers of almost £300m."
SNP Treasury spokesman Stewart Hosie MP said: "The chancellor has had to make these swingeing cuts in spending for one simple reason. He has failed to meet every target he has set himself in terms of borrowing, deficit reduction and growth. Given that he has failed so far the chancellor must explain why he is now set on a course that will make the same mistakes again.
"Capital cuts continue, he is cutting revenue and sucking more consumption out of the economy. He has had the UK's credit rating downgraded and even with these huge cuts the UK will still have one of the worst deficits in the developed world by 2015, the point at which George Osborne promised we would be well on the road to recovery."
Secretary of State for Scotland Michael Moore said the chancellor's announcement was a "fair and positive result for Scotland".Secretary of State for Scotland Michael Moore said the chancellor's announcement was a "fair and positive result for Scotland".
He added: "The Scottish government has asked for additional capital resource and the UK government has delivered it. They must now use it to invest in Scotland and help the economy grow.He added: "The Scottish government has asked for additional capital resource and the UK government has delivered it. They must now use it to invest in Scotland and help the economy grow.
"This good news is coupled with the fact the Scottish resource budget will be about flat cash in 2015/16, significantly better than the reductions across the rest of the UK.""This good news is coupled with the fact the Scottish resource budget will be about flat cash in 2015/16, significantly better than the reductions across the rest of the UK."