£200 million extra investment for housing in Scotland

The Scottish GovernmentScotland’s housing budget has increased by almost £200 million over the last year, paving the way for new homes to be built across the country.

With over 30 rep cent additional housing investment this year, compared to the 2011 Spending Review, the building construction sector is set to benefit from the recent funding which could create new jobs and boost the trades.

Decisions on the allocation of another £50 million investment package for the housing industry are expected to be announced later this month.

Speaking ahead of a debate on the Scottish Government’s Budget Bill, Finance Secretary John Swinney said: “The Scottish Government has been absolutely clear that we aim to deliver at least 30,000 affordable homes during the lifetime of this parliament and this funding will help ensure this commitment will be met.

“Despite Westminster cuts to our capital budgets the Scottish Government is delivering just as much new social housing – and more new affordable housing – as in the period up to 2007 when budgets were rising every year.

“The extra £50 million is our fourth tranche of extra housing spending announced over the last year, and is in addition to announcements made in February, June and September.

“The overall increase totals almost £200 million over the spending review period – demonstrating that where we have an opportunity to invest, this Government does exactly that.

“Housing is just one element of the Budget Bill which will be debated in Parliament this week. Parliament will be debating a Budget for Scotland’s economy. This Government is doing everything within its limited power to protect households, business and front line services, and this Budget provides further investment in construction, skills and the green economy.

“We are investing money to create and maintain jobs. Increased support for affordable homes will provide a much needed boost to the construction industry as well as improving the lives of the families who live in them.

“We are providing an immediate capital stimulus through support for shovel ready projects and we are helping businesses with a tax relief package worth over £540 million this year.

“This has to be seen against a 26 per cent real terms cut by the UK Coalition Government to Scotland’s capital budget in a failed attempt to reduce public sector borrowing.

“We have listened to the Scottish Parliament by bringing forward further investment in housing and we will continue to work with all parties to deliver a budget for growth.

“Only with the full levers of independence can Scotland properly capture economic opportunity and tackle inequality and poverty and we can do so more efficiently and effectively than currently happens in the UK.”