Prosper Response: Spending Review

Responding to the publication today by the UK Government of the Spending Review, Sara Thiam, Chief Executive, Prosper said:

“Scotland has a key role to play in unlocking the UK’s economic success. The Chancellor’s priorities reflect several of our members asks and we are pleased that the Spending Review recognises the importance of Scotland in contributing to the success of the UK’s Clean Power mission and her growth objectives. We look forward to clarity in the UK’s industrial strategy on how Scotland’s key strengths will be invested in and built upon to deliver that plan. We await further detail on how Scotland’s supply chain will benefit from confirmed investments in defence.

“At a time of great uncertainty for households we welcome measures to address the cost of living pressures facing households and the focus on capital investment which will help drive growth and boost investment.

“Advancing investment in Project Acorn carbon capture and storage is a welcome step however final confirmation for the project is urgently required to reduce investor uncertainty. We are confident the Inverness & Cromarty Firth Green Freeport will play its part in helping deliver a once in a generation expansion in green jobs. We encourage a speedy approval of the Forth Ports full business case.

“The UK government now needs to focus on setting the right conditions for investment in the energy sector including concluding market reforms for energy pricing and transmission charging that support investment in offshore wind and in urgently bringing forward a competitive long-term replacement for the Energy Profits Levy on domestic oil and gas production.

“The confirmation of the investment in a new national supercomputer at the University of Edinburgh, confirms Scotland’s role in driving a data and AI-led economy. To build on this we ask the government to take forward its plans to create the grid connectivity and support needed for Scotland to benefit from AI investment zones.

“We now encourage Scottish Government to use this clarity on medium term funding to pass on this confidence in multi-year funding commitments to capital investment programmes, housing investment and business and third sector support to boost investment and economic prosperity in Scotland.”