The Finance Secretary for Scotland, John Swinney, has given his post-budget reaction:
– Scotland's Finance Secretary John Swinney
“The Chancellor has downgraded every economic growth forecast he has made and as a consequence of his policies public sector debt is rising. Today the Chancellor should have offered a decisive injection of new capital to fuel economic recovery.
"He has however cut the hard cash the Scottish Government has available to spend and applied a “straight-jacket” of loan and equity facilities over which the Scottish Government will have no discretion and which will have to be repaid at a later date.
"Decisive action to stimulate economic growth is needed now."