Rachel Reeves hails 'billions of pounds of investment' in Scots economy through defence spending
The UK Government is backing Scotland with billions in investment to grow the economy and create jobs, Rachel Reeves has said.
The Chancellor, who will visit RAF Lossiemouth in Moray and the St Fergus gas plant in Aberdeenshire today, said she was 'seizing the huge potential and opportunities that Scotland has to offer' in defence and energy.
Reeves will meet 200 Boeing staff at the military site where three new E-7 Wedgetail aircraft are being made.
The UK Government said its plans to increase defence spending to 2.6% will raise Britain's GDP by around 0.3%, while adding 26,100 jobs to the Scottish economy.
It also pointed to its £200 million investment for Aberdeenshire's Acorn carbon capture project, which could create 15,000 new jobs while safeguarding 18,000 more. A final investment decision for the project is yet to be made.
Reeves said: 'We're seizing the huge potential and opportunities that Scotland has on offer.
'Whether it's in defence to keep the UK safe, or clean energy to power all corners of the country, this Government is backing Scotland with billions of pounds of investment to grow the economy and create jobs.'
Scottish Secretary Ian Murray said the Government is investing in defence to 'ensure Britain's security and deter our adversaries and drive economic growth'.
He added: 'This investment is a massive jobs opportunity for Scotland – this 'defence dividend' is good news for Scotland, where it will help create skilled jobs, drive economic growth, and help tackle the critical skills gaps facing the country in sectors such as nuclear, construction, maritime and project management.'
Maria Laine, Boeing's UK president, said: 'Boeing has a long-standing presence in Scotland including at RAF Lossiemouth, the home to the UK's P-8 Poseidon fleet and where the E-7 Wedgetail will be based when it enters service.
'As a key partner of the UK Armed Forces, Boeing welcomes the defence spending increase and has seen first-hand how defence infrastructure investments, such as the £100 million Atlantic Building and new E-7 facilities at RAF Lossiemouth, can deliver for local jobs, suppliers and UK national security.'
Michelle Ferguson, director of CBI Scotland, added: 'Scotland's energy and defence sectors are vital to our economy, driving investment and supporting thousands of skilled jobs.
'The Chancellor's announcement of £200 million for the Acorn energy project is very encouraging, but businesses are eager for final approval to unlock its full potential and secure North Sea jobs.
'Increased defence spending will further boost Scotland's skilled workforce and create growth opportunities across key supply-chain.
'Close collaboration between the Scottish and UK governments will be essential to fully realise these benefits, driving forward national security and Scotland's transition to a resilient, low-carbon economy.'
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