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The Scottish Government’s Medium Term Financial Strategy, which will be included in the forthcoming Budget, is intended to provide a “means of focusing on the longer-term sustainability of Scotland’s public finances.”
The forthcoming Scottish Budget for 2022-23 was announced just hours after official numbers revealed that Scotland’s economic output was still 2.4 per cent below pre-pandemic levels in February 2020. In July, the country’s onshore Gross Domestic Product (GDP) fell by 0.2 per cent.
The Scottish Budget for 2022-23 is anticipated to be focused on facilitating the Government’s new programme, which will address the issues and disparities that the Covid-19 pandemic has posed to households and small businesses. According to Scotland’s Finance Secretary Kate Forbes, a catastrophe has “changed how we live.”
“The effects of Covid-19 are still having an impact on how we live, how our communities engage, and how our businesses operate,” Ms Forbes said.
“With billions of pounds committed in public health initiatives, individual support, and lifeline financial aid for thousands of businesses, Covid-19 has put significant strain on our public Budget.
“Despite these significant financial constraints, the Scottish Budget for 2022-23 will be delivered as we continue to prioritise investment in services, infrastructure, and support measures that help build a fairer, greener, and more progressive Scotland.
“As always, the Scottish Budget will be informed by voices from across Scotland, including the private, public, and third sectors, to ensure that we continue to promote wellbeing, deliver our climate change and net-zero goals, and get on with the task of transforming our economy for the benefit of all.”
Ms Forbes also wants to “ensure Scotland’s interests are heard” in the UK Government’s Autumn Budget, which is set to be released on October 27th. Rishi Sunak, the Chancellor, will deliver his third Budget, including the results of the 2021 Spending Review.