£50m on offer for ideas on economy

THE SNP has pledged to hold a competition for ideas to “transform” Scotland’s economy, with £50 million of funding up for grabs for the winning project.

The party said the “National Challenge” will form part of a 10-year strategy to bring about a green recovery and create jobs.

The strategy will be brought forward within six months if the SNP is returned to government following the Holyrood election, it said.

Ivan Mckee, the SNP minister for trade, innovation and public finance, said: “The pandemic has changed the way we live and work, and it has accelerated changes in the economy.

“The next decade will be crucial to Scotland’s economic future as we rebuild from the pandemic, transition our economy to net zero and face the challenges and opportunities of new technology.

“That’s why – within the first six months – a re-elected SNP government will bring forward a new 10-year strategy for economic transformation, setting out the steps we will take to deliver a green economic recovery and support new, good, green jobs, businesses and industries for the future.

“The National Challenge competition will support this work and empower us all to play our part in Scotland’s recovery. Just as responding to Covid-19 has been a collective effort, so will be our economic recovery.”

Scottish Labour’s finance spokesman, Daniel Johnson, described the move as “bizarre”.

He said: “If Nicola Sturgeon is looking for ways to support our economy, Scottish Labour’s manifesto will be published next week and contains plenty of proposals that come in under £50m.”

He said Scotland’s economy needs a plan that matches the resources available to the scale of the challenge.