SNP calls for major investment in coronavirus recovery package
It says the Chancellor must "raise the ambitions" of the Tory government by unveiling a major recovery package of at least £80 billion of new money in his fiscal statement.
Last updated 4th Jul 2020
The SNP has said the Chancellor must "raise the ambitions" of the Tory government by unveiling a major recovery package of at least £80billion of new money in his fiscal statement.
Ian Blackford MP said there was "no time to lose" - with a huge programme of investment and devolution of financial powers needed to kickstart the economy, protect incomes and prevent soaring unemployment.
The SNP Westminster Leader said the fiscal statement must include five key priorities:
- An overall package of investment of no less than £80billion in new money (approximately 4% of UK GDP - the equivalent investment being made by Germany)
- Devolution of the financial powers necessary for the Scottish Parliament to deliver a tailored response and secure a strong recovery for Scotland.
- Extending the furlough scheme for as long as each of the four UK nations require it - so no one is left behind.
- Measures to reverse rising child poverty - including a £20 per week increase in the child element of Universal Credit and Child Tax Credits.
- A temporary reduction in VAT and a two pence cut to employer's National Insurance contributions to protect jobs and reduce the cost of hiring staff.
Commenting, SNP Westminster Leader Ian Blackford MP said:
"The Chancellor must unveil a major recovery package of investment, and devolve financial powers, to kickstart the economy, prevent soaring unemployment and protect people's incomes.
"After Boris Johnson's woeful relaunch speech fell flat, the Tory government needs to raise its ambitions and demonstrate that it understands the unprecedented scale of the crisis we face - by delivering a huge investment programme of no less than £80billion in new money.
"With unemployment rising and businesses going under, there is no time to lose. The Tories must outline real investment, extend the furlough schemes, and urgently devolve the financial powers needed by the Scottish Parliament to secure a strong recovery for Scotland.
"If the Tory government withholds these crucial funds and powers, which other countries are already utilising, it would put Scotland's recovery at risk - threatening more job losses and budget cuts. That would be completely unacceptable.
"This crisis has exposed and compounded the deep ingrained inequalities that Tory cuts have caused. There must be no return to austerity or business as usual. Investment must be used to boost people's incomes and reverse the shameful rise in child poverty.
"Scotland can make different choices for an investment-led recovery and build a fairer society - but only if we have the powers and access to funds needed. Other independent countries are making the most of historically low interest rates to boost their economy.
"The Tories must deliver these funds and powers - or they will prove yet again that Westminster is incapable of acting in Scotland's interests."