A stronger economy for the British people
The Chancellor of the Exchequer presented his Autumn Budget and Spending Review to Parliament today (27 October 2021).
Key points at a glance
- Fuel duty rates will be frozen UK-wide for the 12th consecutive year.
- Over £2.6 billion for the UK Shared Prosperity Fund over the Spending Review, focused on helping people into jobs and to get on in life across the UK. The Fund will at a minimum match the size of EU Funds in all nations, each year.
- Allocation of the first round of the UK-wide Levelling Up Fund with £1.7 billion of local investment in local areas. £172 million from the Levelling Up Fund for eight projects in Scotland including the redevelopment of Inverness Castle, renovation of the Westfield Roundabout in Falkirk, and a new marketplace in Aberdeen City Centre.
- Allocation of the first 21 projects to benefit from the £150 million Community Ownership Fund, which will help communities across the UK protect and manage their most treasured assets. In this round, nine projects worth £1.8 million will benefit from the Fund in Scotland, Wales and Northern Ireland, including supporting the community to save a town hall in New Galloway.
- £703 million over the next three years to improve the safety, security and efficiency of the UK border.
- Confirming eligibility criteria for the new Scale-Up Visa, to help make it quicker and easier for fast-growing businesses to bring in highly-skilled individuals.
- A 50% cut in Air Passenger Duty for flights between airports in England, Scotland, Wales and Northern Ireland – which is set to benefit around nine million passengers in 2023-24 and will be delivered via a new domestic band.
- A new rate of Air Passenger Duty of £91 on flights of 5,500 miles or more. These reforms apply across the UK except for the direct long-haul rates for Northern Ireland which are devolved.
- The alcohol duty system will be overhauled to make it fairer and more straightforward, with drinks taxed in proportion to their alcohol content and duty rules simplified.
- A further £8 million from Project Gigabit to deliver full fibre broadband to 3,600 premises in Scotland including Aberdeenshire, Angus, Highland, Moray and Perth and Kinross.
This Spending Review also provides an additional £8.7 billion per year to the devolved administrations through the Barnett formula. The Scottish Government will benefit from a £4.6 billion per year funding boost.