Scotland’s First Minister Nicola Sturgeon has detailed the Scottish government’s Programme for Scotland 2018/19 plans which include investing £7bn in building projects and creating a non-domestic business rates bill.
The plans would result in the government investing £7bn over the next seven years into rebuilding schools and hospitals as well as investing in houses throughout Scotland. These investments would be funded through borrowing and private sector collaboration.
Investing in housing is a large focus of the government’s Programme for Scotland, with plans in place to increase the investment of affordable housing from £590m to £750m. This investment hopes to result in over 50,000 affordable homes being built - 35,000 of which will be for social rent.
A non-domestic business rates bill was also announced as part of Programme for Scotland 2018/19 and will be brought forward in the hopes to implement the remaining recommendations of the Barclay Review. Such changes include a three-year valuation cycle to allow the government to assess any necessary changes on a regular basis. The non-domestic rates bill will be one of 12 new bills hoping to be introduced in the upcoming year.
In her statement, Nicola Sturgeon told the Scottish Parliament that: “This level of investment in our vital economic and social infrastructure will protect and create jobs in the short term, and support growth and productivity in the long term.”
Sturgeon's announcements received great support from the Scottish Property Federation. Director of the SPF, David Melhuish stated: “We welcome both these measures as a positive step to help Scotland’s real estate sector – an important driver of the Scottish economy and to allow our sector to continue to attract the investment to deliver places, employment and housing.”
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