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6 March 2024 | Economy

Prosper Responds to the UK Budget

Prosper Responds – UK Spring Budget  

Responding to the 2024 Spring Budget published today by Chancellor, Jeremy Hunt, Prosper Chief Executive Sara Thiam said: 

“While the outlook might have improved slightly, the UK economy is still on a knife-edge and the Chancellor’s Budget announcements were mixed for the Scottish economy.  

“We welcome the incentives for growth sectors, extension of support for investment zones and Green Freeports in Scotland, and support for the Scotch whisky industry. But yet another change to the energy profits levy to extend it by a further year is very unhelpful in making a strong case to companies to invest in homegrown energy.   

Ms Thiam added: 

“The Budget included some positive funding for levelling up projects in Scotland, however we are disappointed that the Chancellor said nothing about investing in a long-term infrastructure strategy to increase regional growth and achieve net zero. 

“We welcome extra funding for preventative spending in public services, including the investment in digitisation in the health service, which we have called for. However, we are concerned that the negligible growth in funding for public services will put them under further pressure and reduce their support for economic growth.”