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Salmond calls for economy boost Salmond draws up economy aid plan
(about 12 hours later)
The first minister is to lead a special cabinet meeting - to discuss what can be done to boost Scotland's economy. The Scottish Government is drawing up a six point action plan to try to save the Scottish economy from recession.
Alex Salmond said ministers would discuss what could be done "to avoid Scotland going into a deep recession". The plan, agreed by a meeting of a special economic cabinet, is designed to boost development and help the poorest households.
On Monday, Mr Salmond backed the £37bn UK Government lifeline thrown to Scottish-based banks HBOS and the Royal Bank of Scotland. First Minister Alex Salmond told cabinet colleagues there was no doubt the financial crisis would have a serious impact on the wider economy.
But he called for further action to help the country's economy, including a £1bn funding package. The action plan includes bringing forward investment programmes.
Mr Salmond claims cash could be released from various funds to "inject demand and confidence". Inject demand
This has already been done on social housing.
It also hopes to stimulate economic development by promoting tourism through events such as the Year of Homecoming and by simplifying the planning system.
Three further measures seek to help individual households.
These relate to energy efficiency, financial and benefit advice and action on fuel poverty.
Specific details have yet to be fixed but ministers hope to make announcements on each point of the plan within the next few weeks.
Mr Salmond had earlier called for a £1bn funding package to be released from various UK government funds to "inject demand and confidence" in to the Scottish economy.
He said the fossil fuel levy, the Scottish Government underspend currently held at Westminster and the council tax benefit mechanism could free hundreds of millions of pounds to benefit the Scottish economy.He said the fossil fuel levy, the Scottish Government underspend currently held at Westminster and the council tax benefit mechanism could free hundreds of millions of pounds to benefit the Scottish economy.
'Normal conditions'
In addition, he wants to see the Barnett formula take account of the impact of London Olympics regeneration spending to allocate more money to Scotland.In addition, he wants to see the Barnett formula take account of the impact of London Olympics regeneration spending to allocate more money to Scotland.
Labour argues ministers could speed up investment if they scrapped the Scottish Futures Trust - the new body being set up to fund major building projects.Labour argues ministers could speed up investment if they scrapped the Scottish Futures Trust - the new body being set up to fund major building projects.
The first minister said: "I indicated last week that I support the stabilisation measures in the financial sector, and I will continue to do so.
"It should be remembered that both the Royal Bank of Scotland and HBOS, as highly-profitable institutions, have been the UK's biggest corporate tax earners in recent years.
"In that light, it is perfectly sensible for the chancellor to argue that the equity stake underwritten by the government is looked upon as an investment which will be redeemed in due course, given a return to anything approaching normal conditions."
He added: "Just as I've taken a constructive approach to the Westminster Government's stabilisation measures in the interests of political unity during a difficult time, so I would expect a constructive approach to be taken to ideas to increase demand and confidence across the Scottish economy."