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Spring Budget Revision
02/02/2010
The annual Spring Budget Revision, which allows changes to the budget for 2009-10, was published today.
Finance Secretary John Swinney said that 'careful and effective management of the Scottish budget this year will allow more money to be invested in economic recovery'.
The main changes include:
- The Scottish Funding Council will receive an additional £20 million largely from savings secured from across other portfolios to help it meet the costs resulting from increased levels of higher and further education students entering the system this year.
- Confirmed allocation of £31 million in consequentials from the UK Budget to meet housing need and accelerate and sustain investment in affordable housing across the country.
- £10 million contribution towards the Scottish Investment Bank activity to support access to finance for firms to contribute towards Scotland's economic growth. The funds are being re-allocated from savings from across the Scottish Government.
Mr Swinney said:
"This Government is actively and effectively managing the money we spend to ensure that we deliver maximum investment in economic recovery and frontline services.
"That is clearly demonstrated by today's revisions to the budget for 2009/10. Extra spending on housing will sustain vital construction jobs across Scotland.
"Money for the Funding Council will help meet the costs created by record numbers of students in our universities and colleges.
"And alongside the additional 10 million pounds I have committed today, we are actively examining a range of other potential opportunities to access more resources for the Scottish Investment Bank - including European funding and the wider private sector banking and investment community. Support for the Scottish Investment Bank will help good, viable Scottish firms that can contribute most to Scotland's economic recovery access the cash flow they need in these tough times.
"The Scottish Government is determined to take action to support the signs of recovery we are seeing across Scotland and will continue with strong support for our economy in the months to come."
Following detailed consideration by the Subordinate Legislation and Finance Committees, the Scottish Parliament has an opportunity to vote on the Spring Budget Revision order.