The UK Government’s latest Spending Review offers a genuine opportunity to spark growth, create much-needed jobs, and unlock private investment across Scotland and the UK.

For the business community, the direction of travel is encouraging but unless promised reforms are implemented, momentum is at risk of stalling before it starts.

We welcome the Chancellor’s £86 billion commitment to science, technology and research, as well as funding for the vital Acorn Project in Aberdeenshire, and the £750 million restoration of the Edinburgh University supercomputer.

These decisions will help cement Scotland’s place at the cutting edge of global industries as well as generate jobs, boost regional economies, and spur commercialisation of ideas born in our world-class universities.

The UK Government’s plan to increase defence spending from 2% to 2.5% of gross domestic product (GDP) by 2027 also represents a significant economic opportunity for Scotland to expand the industrial base and create jobs in productive industries like advanced manufacturing.

Our aerospace, defence, security and space sectors provide 430,000 jobs and the Acorn Project carbon capture and storage facility will create 15,000 more in construction alone - as well as making the Northeast a world leader in the low-carbon industry and attracting billions in private investment.

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