John Swinney: Emergency budget panel will bring robust economic insight

John Swinney has said the members of an emergency budget panel will “bring robust economic insight” to a review of Scotland’s finances.

The Scottish Government announced plans for an emergency budget review last month due to rising inflation and the cost-of-living crisis, with the likelihood of public service cuts looming.

Initially, Mr Swinney said any announcement would come two weeks after any fiscal event from Westminster, but the review will be unveiled in the week of October 24.

A spokesman for First Minister Nicola Sturgeon told journalists the announcement was delayed due to uncertainty in the markets caused by the UK Government’s plans, in the hope that a later announcement would provide a clearer fiscal picture.

Glasgow University principal Sir Anton Muscatelli; Economic and Social Research Institute research affiliate, Professor Frances Ruane; and Resolution Foundation chief economist, Professor Mike Brewer, will form the panel, receiving no payment for doing so.

The panel will help the Deputy First Minister – now in control of the country’s finances – to look at what areas of the budget should be cut.

The announcement comes after the Deputy First Minister told a Holyrood committee: “I have never seen financial strain and pressure like I am seeing just now”.

Speaking after the panel was unveiled, he said: “The Scottish Government wants to make sure it gets the very best advice and fresh perspectives as ministers consider the complex and difficult decisions we face while tackling the challenges ahead.

“The radical shift in UK economic policy announced by the Chancellor has already caused significant economic shock.

“For the benefit of the people and businesses of Scotland, many of whom will find themselves paying higher prices as a result, it is vital that we consider the current situation and potential solutions with care.

“The members of the panel all bring robust economic insight and I am grateful to them for giving their time and expertise as we navigate these uncharted economic waters.”