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As the implementation of the new model will take place in the next parliamentary session, we are of the view that the issues merit further consideration.
The position is slightly improved since its December 2022 Forecasts, with economic growth at 0.3% in 2023-24, rising to 1.3% in 2025-26.
The SFC also forecasts that:
Total resource funding will grow by 8% from 2023-24 to £52.6 billion in 2028-29 in real terms.
The Committee agrees that it is not simply a question of financing new technologies and new companies but also ensuring that the existing business base has access to the expertise and finance required to support the transition.
I understand and sympathise with the intention behind amendments 25, 26 and 28, but the bill is not the correct place in which to address the issues that they raise.
We will now take forward the recommendations in the Auditor General’s latest report, which, if fully implemented, it is estimated can save another £26 million a year through the prevention of wastage resulting from overprescribing.