Scotland will receive an additional £320 million as a result of the Budget, Jeremy Hunt has said, as he pledged to create a “potential Canary Wharf” north of the border.

The Chancellor also confirmed £8.6 million of targeted funding for the Edinburgh Festivals as well as £1.5 million funding to repair the Cloddach Bridge south of Elgin.

He said the UK Government would deliver 12 new investment zones, which he labelled “12 potential Canary Wharfs”.

Mr Hunt told the Commons: “In England we have identified the following areas as having the potential to host one: West Midlands, Greater Manchester, the North East, South Yorkshire, West Yorkshire, East Midlands, Teesside and, once again, Liverpool. There will also be at least one in each of Scotland, Wales and Northern Ireland.”

He added: “For Scotland, Wales and Northern Ireland this Budget delivers not only a new investment zone but an additional £320 million for the Scottish Government, £180 million for the Welsh Government and £130 million for the Northern Ireland Executive as a result of Barnett consequentials.

“On top of which in Scotland, I can announce up to £8.6 million of targeted funding for the Edinburgh Festivals as well as £1.5 million funding to repair the Cloddach Bridge.”

This is a developing story.

Jeremy Hunt announces extra £320m for Scotland as well as 'potential Canary Wharf'

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