Meeting of the Parliament (Hybrid) 25 February 2021
Let us just be thankful—[Interruption.] Let us just be thankful that we are part of Great Britain, which is the fifth largest economy in the world, with the strength and security of a financial system that allows us to borrow money easily and cheaply on the international markets. How foolish it would be to give up the opportunity to borrow that money in such a secure financial system, as members on the Scottish National Party benches would have us do. [Interruption.] If members will all calm down for a second, I can carry on with the rest of my speech.
According to SPICe, in this budget, revenue is increasing by some 11 per cent from last year to next. Those figures take no account of the additional Covid support that we have seen in the current financial year—some £9.7 billion in Barnett consequentials, guaranteed funding for the NHS and individuals, and support for businesses throughout Scotland.
Back in January, I set out a number of our budget asks to the finance secretary, and I am pleased that many of them have already been delivered, thanks again to the additional funds from the British Government.
We asked for no further increases in income tax. That has been delivered, because there is more money coming from the British Government.
We asked for more money to employ teachers, who are much needed in our schools at this time. That is being delivered—thanks to more money from the British Government.
We asked for all Barnett consequentials arising from the extra NHS spending down south to be passed on to the health service. More money is being delivered—thanks to the British Government.
We asked for the 100 per cent rates relief for businesses in the retail, hospitality and leisure sector—which has been hard hit by Covid restrictions, as we know—to be extended for a further 12 months. That has been delivered—thanks to the British Government.