This briefing summarises the key policy pledges in the SNP manifesto, released on 19 June 2024, relevant to the work of actuaries.
To note, the SNP is only contesting seats in Scotland and its plans for governance are only able to be enacted in devolved areas, such as in health and education. Any other policy objectives, such as those on the economy, can only be pursued through advocacy within the UK Parliament from any elected SNP MPs.
Overview
Leader John Swinney MSP launched the SNP manifesto, titled ‘A Future Made in Scotland.’ The manifesto features 20 core pledges. The most significant to actuaries are:
- ‘Deliver Independence’
- ‘Rejoin the EU’
- 'Protect Pensions’
- ‘Demand the devolution of new borrowing powers to invest in a just [climate] transition’
Business and Economy
- The SNP is calling for an immediate emergency budget following the election to reverse cuts to public spending and to deliver “meaningful investment in economic growth, including green energy.”
- The SNP will call on the UK Government to scrap their fiscal rules and replace them with new ones to allow greater investment in infrastructure. The SNP’s alternative is three new fiscal rules to enable increased capital investment:
- Public Sector Net Worth rule – recognising the value of investing in infrastructure and public sector assets, rather than just liabilities
- Upper limit on debt servicing costs – to allow explicit consideration of the sustainability of the stock of debt
- Three–year detailed spending plans – to support detailed planning and improve clarity for devolved administrations.
- SNP MPs will demand the full devolution of tax powers to “enable us to create a fairer system that protects public services and invests in our economy.”
Pensions
- The SNP will maintain the triple lock and move to deliver a ‘wellbeing pension.’
- The SNP will oppose any acceleration of planned changes or further increases in the state pension age.
- The SNP will “stand up for WASPI women by pressing the UK Government to deliver full, fast and fair compensation for women who have been wronged by pension inequality.”
- The SNP will reverse the cut to Pension Credit.
- The SNP will maximise Pension Credit uptake by following Scotland’s lead and introducing a comprehensive benefit take-up strategy for all benefits.
- The SNP will urge the UK Government to offer full restitution for the victims of the Equitable Life scandal.
Climate, Sustainability and Energy
- The SNP will call for the establishment of a Four Nations Climate Response Group to agree climate plans across the UK that deliver on the UK’s net-zero targets
- Encourage an evidence-based approach to oil and gas licenses, in line with the UK’s climate obligations.
- The SNP will rule out new nuclear power plants in Scotland.
- The SNP is calling for modernisation of the Contracts for Difference scheme.
- The SNP would address “the imbalance” in VAT rates in the construction sector to encourage the refurbishment and retrofitting of existing buildings and remove VAT from on-street electric vehicle charging
Technology and Infrastructure
- The SNP will prioritise research and investment in Artificial Intelligence to capitalise on the technological revolution and ensure its full potential is maximised in supporting our public services in a way that is “open, ethical and transparent.”
- The SNP will call for the UK Government to “at least reverse” the £1.3bn cut to the Scottish Government’s capital budget, to enable it to invest in new public infrastructure.
Governance
- The SNP will “deliver independence to strengthen our economy, tackle the cost-of-living, and bring about a fairer country”
- The SNP wants to “end 14 years of austerity, reversing deep damaging cuts to public services that have put real pressure on the money available for the NHS and schools.”
Further Information
Read the full manifesto. For more information on the IFoA’s general election work, please contact Charlie Wynne.
