Scotland unveils plan to combat Brexit fears

Scottish First Minister Nicola Sturgeon announced plans Wednesday for increased infrastructure spending to boost the economy after the Brexit vote, and called on the British government to do the same.
In a move welcomed by business and trade union groups, the devolved Scottish administration said it would invest an extra £100 million ($130 million, 117 million euros) on health and other infrastructure projects in Scotland this year.
“There is no doubt that the referendum outcome has created deep and widespread uncertainty, with the impact on jobs and investment already being felt,” the Scottish National Party (SNP) leader said in a statement.
“The UK government has not yet taken any meaningful action to alleviate uncertainty or to boost confidence, and there are very real concerns that the damage to the economy and to jobs will be severe and long lasting.
“It is against this background that the Scottish government is announcing early action to boost confidence, stimulate economic activity and support business.”
British Finance Minister Philip Hammond recently raised the prospect of a UK government stimulus package but has ruled out an emergency Brexit budget, saying any fiscal response would wait until the normal autumn statement.
Economic data available in that point would allow London to “to reach a proper conclusion as to whether a fiscal stimulus is required,” he said last month.
Governments typically increase spending during recessions to balance plummeting private sector activity.
Sturgeon, who had campaigned for Britain to stay in the European Union, also announced a new dedicated service to provide information and support for businesses affected by the June 23 referendum vote.

Source: Arab News