Scotland to receive nearly £5 billion more, according to Chancellor
Rishi Sunak's announced his budget with funding for a number of Scottish projects
The Chancellor says Scotland's getting nearly £5billion extra a result of his budget.
Rishi Sunak's spending plans include the scrapping of a planned rise in fuel duty and lower air passenger duty for domestic flights.
Projects across Scotland will also benefit from the Levelling Up fund. That includes over £38million pounds to improve travel links between Advanced Manufacturing Innovation District Scotland (AMIDS) and Paisley, as well as upwards of £20million for projects in Falkirk and North Ayrshire.
A budget for "the whole United Kingdom"
Addressing the Commons, the Chancellor said his budget benefits the “whole United Kingdom”: “Through the Barnet formula today’s decisions increase Scottish Government funding in each year by an average of £4.6billion – the largest public grants for Scotland and the other devolved nations since the devolution settlements of 1998.”
Elsewhere in his speech Rishi Sunak pledged a major increase in public spending, tax cuts for businesses, and investment to create a "new economy" based on high skills and wages following the pandemic.
After widespread condemnation of the decision to cut £20 a week from Universal Credit, Mr Sunak set out plans to reform the benefit to enable claimants to earn more without losing as much of it - a measure he claimed amounts to a £2 billion tax cut for the lowest paid.
Air passenger duty will be lowered for domestic flights
Mr Sunak promised a new, lower rate of air passenger duty on domestic flights within the UK, benefiting nine million passengers and helping regional airports.
He also announced a series of reforms to alcohol taxes from February 2023 - including a 5% cut in duty on draught products to help support pubs.
"That's the biggest cut to cider duty since 1923. The biggest cut to fruit ciders in a generation. The biggest cut to beer duty for 50 years," he said.
"It's a long-term investment in British pubs of £100 million a year. And a permanent cut in the cost of a pint by 3p."
Labour's hitting out at cuts to price of champagne and slashing tax for banks
Taxes on sparkling wines such as Champagne and prosecco - "no longer the preserve of wealthy elites" - will be reduced to the same level as still wines, ending an "irrational" 28% duty premium.
In an immediate boost to the hospitality industry, Mr Sunak announced that the planned increase in duties will be cancelled - a tax cut worth £3 billion.
He also confirmed a widely-expected freeze in fuel duty.
But Labour hit out at the package of measures announced by the Chancellor, which will cut the price of a bottle of Champagne and slash taxes for banks.