Banff and Buchan MP David Duguid has welcomed a further £30billlion in stimulus measures announced by the Chancellor to help the UK economy through the COVID-10 pandemic.
Rishi Sunak is cutting VAT for tourism and hospitality businesses from 20% to 5%, offering discounts on eating out and will provide employers with £1,000 for every worker on furlough kept on until January.
There will also be a new scheme worth £2billion to stave off youth unemployment by paying companies to take on 16-24 year-olds.
Independent economic analysts at the Fraser of Allander Institute estimated that the Chancellor’s announcements would be worth about £1billion to Scotland.
Direct funding to the Scottish Government since the beginning of the pandemic – in addition to UK wide measures such as the job furlough scheme and loans to businesses – now stands at £4.6billion.
Mr Duguid said
The Chancellor’s latest announcement will be welcomed across the UK.
Here in Scotland, our vital tourism industry will benefit hugely from the VAT cut.
And employers across Scotland will be encouraged to retain staff thanks to the offer to provide £1,000 for every member of staff retained until January.
Scottish businesses will also be eligible for the funding to provide jobs for 16-24 year-olds, while people can also take advantage of the 50% off promotion for eating our.
This pandemic has required an unprecedented economic response from governments around the world and this UK Chancellor has delivered.
The scale of the stimulus package proves once again that all four nations of the United Kingdom are stronger together.