It is a pleasure, Mr Dowd, to serve under your chairmanship and speak on behalf of the Government for the first time. I begin by congratulating my hon. Friend the Member for Glasgow East (John Grady) on securing this debate on Scotland's economy and congratulating all hon. Members on their contributions. We have heard a lot about the positives and the potential of Scotland's economy, such as the strength of Brand Scotland and our thriving biosciences sector; we have even heard from my hon. Friend the Member for Bathgate and Linlithgow (Kirsteen Sullivan) about our thriving film and TV sector. However, we have also heard about the problems in the Scottish economy, and it is no secret that—along with the UK economy as a whole—it is underperforming. This has been identified by many Members, including my hon. Friend the Member for Livingston (Gregor Poynton) and the hon. Member for Mid Dunbartonshire (Susan Murray). Fourteen years of mismanagement by the previous Government have resulted in persistently low levels of investment, poor productivity growth, and rising inequality. That has led to this Government facing the worst economic inheritance since the second world war—a £22 billion black hole in the public finances. The Treasury reserves were spent three times over in three months, which is absolutely astonishing, and financial commitments were made by the previous Government that they knew they could not keep. This inheritance means tough decisions for the Government but it is better to be honest and up front with people about the choices that we face. That is why my right hon. Friend the Chancellor will set out in her budget how we will fix the foundations of our economy so that we can tackle poverty, rebuild our public services and begin a decade of national renewal. The economic inheritance we face is not just fiscal but also structural. My right hon. and learned Friend the Prime Minister and my right hon. Friend the Chancellor have made clear that the No. 1 priority of this Government is growth. To achieve that, the foundations of Scotland's industrial economy need to change significantly. That is why we published our industrial strategy Green Paper yesterday. Our industrial strategy calls time on short-term economic policy making, and establishes a UK industrial council on a statutory footing, to provide expert advice and long-term thinking. The council will work with specialist sectoral taskforces, bringing together the expertise of businesses, academics, and trade unions to help drive economic growth in all parts of our country. Together with the establishment of GB Energy in Aberdeen, and the creation of a national wealth fund, we will bring investment, jobs, and growth to Scotland. Delivering significant change to Scotland's economy means working in partnership across areas of policy, not just industrial policy and employment rights but planning, housing, skills and access to health services. Many of these areas are devolved, and we are committed to resetting the relationship between the UK and Scottish Governments. This does not mean that we will never disagree, but where we have shared goals, we should be able to work together. One area of Scotland's economy on which the Governments have worked closely together in recent months has been the response to the commercial decision of Petroineos to end oil refining at Grangemouth. The UK and Scottish Governments have announced a joint £100 million package to help secure Grangemouth's industrial future and protect its skilled workforce. The Government's focus on growth is in service of our mission to tackle poverty, remove barriers to opportunity and put the country back in the service of working people. Under the previous Government, child poverty in the UK went up by 700,000 since 2010. Today, more than one in five Scots and one in four children are trapped in poverty, trying to get by on less than they need. The child poverty taskforce is developing a strategy to reduce child poverty that will be published in the spring of next year. We recognise that rebuilding our public services and economy will require investment, and the Chancellor has been clear that there will be no return to austerity. Funding decisions and details will be presented at the upcoming Budget, but the UK Government are committed to retaining the Barnett formula and funding arrangements agreed with the Scottish Government in the fiscal framework.