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PRESS RELEASE

21 March 2012
Embargo: For Immediate Release

SCDI RESPONSE TO THE BUDGET

Responding to today’s budget, SCDI welcomed action to create a competitive, export-led economy and announcements which SCDI had called for including measures to unlock investment in the North Sea and to support manufacturing.

However, the organisation expressed disappointment that capital investment in infrastructure was not significantly increased and that there was no further action to tackle the problem of youth unemployment.

SCDI Chief Executive, Dr Lesley Sawers said:

 “SCDI welcomes the vision of a competitive, export-led economy, and there are a number of announcements in this Budget which we welcome.

"The oil and gas industry is key to economic growth and after the substantial and destabilising increases in taxation in last year’s Budget, the measures announced to unlock billions of pounds of investment in existing and new fields, especially West of Shetland, are important.

"We welcome support for manufacturing at Dundee, Nigg and Irvine, and the assistance that tax credits for creative industries will offer to Scotland's video games industry. It is positive news that Edinburgh is to become a super-connected city, but disappointing that Glasgow has missed out.

“SCDI believes that the Chancellor could have done more to tackle the problem of youth unemployment and should have delivered new capital investment that would create jobs and grow the economy in the short term and deliver economically significant assets in the longer term.

“Promises to 'confront' the lack of hub airport capacity in South East England are essential to Scotland's connectivity if delivered quickly. The increase in Air Passenger Duty is a blow to efforts to grow our direct air routes and tourism, and we hope that this tax will now be devolved."

 


Note to editors

SCDI is Scotland's leading independent economic development organisation
representing 1,200 companies, SMEs, public sector bodies, charities, trade unions and
faith groups.

For further information, please contact James Alexander, SCDI Policy and
Communications Manager on 0141 222 9728 or 07762 023 985.

 


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