Holyrood must play its part

millions of jobs, it would make the expenditure and sacrifices of the past year pointless.

So the measures across the UK, such as extension of the furlough scheme, the uplift in Universal Credit, and grants to the self-employed are all welcome. For firms, the next two years’ tax breaks and “superdeductions” – which allow them to write off 25 per cent of capital investments – are a real incentive to move aggressively to build and produce growth.

There are other areas that merit attention: business rates, even before the pandemic, were wildly out of step with commercial rents, business turnover, decline of the high street and increasing dominance of internet – and distribution-based companies. Relief in that sector is a greater priority, and better value, than initiatives such as the stamp duty cut. The best service for those wanting to get on the housing ladder, for the construction sector and the general health of the economy would be to encourage much more building.

There are some reasons for optimism; despite the hardships endured by many, others (particularly pensioners, some furloughed public sector workers and those who can comfortably work from home) have actually stored up money during lockdown, and there is reason to believe that there will be a strong bounce back in sectors such as retail, hospitality and travel.

Partly because we have fallen so badly, the current growth estimates are for four per cent this year, and perhaps as much as twice that in 2022. To put that in context, there has only been one year since the financial crisis when figures reached the levels normal before 2008.

In Scotland, business should be provided with clear assurances that Holyrood also recognises the vital importance of enabling that sort of growth; without it, there is no recovery, no safeguarding of jobs, no ability to fund public services and repay public debt.

As we keep saying, fiscal responsibility is important and support, for the moment, still necessary, but clarity on the Government’s intended direction of travel is absolutely essential.