John Swinney

North Sea

Swinney warns Chancellor against ‘unnecessarily stringent’ fiscal targets

Scotland’s Deputy First Minister has warned the Chancellor against continuing to pursue “unnecessarily stringent fiscal targets” ahead of the Budget on Wednesday. John Swinney urged George Osborne to instead use limited borrowing to stimulate economic growth, after the Chancellor paved the way for fresh spending cuts, stating that savings equivalent to 50p in every £100 the Government spends need to be found by 2020.

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Scottish economy grew by just 0.1% in third quarter of 2015

Scotland’s economy grew by just 0.1% in the third quarter of last year, new figures have revealed. Deputy First Minister John Swinney said the latest GDP data showed output had increased between July and September despite the “significant challenge” to key export markets. Over the year, Scottish GDP increased by 1.7% - but its growth was weaker than that for the UK as a whole, where increases of 0.4% and 2.1% were recorded over three and 12 months respectively.