The programme includes efforts to stimulate economic growth, with a focus on attracting investment in renewable energy and infrastructure.

Mr Swinney’s commitment to tackle child poverty was highlighted, though no new funding was announced following the recent £500 million in cuts. Additionally, £6.6 million in funding was restored to Creative Scotland after a “period of necessary due diligence”, while a review of the organisation’s structure was initiated.

Business leaders largely welcomed the government’s focus on growth but called for further action.

Sandy Begbie CBE, CEO of Scottish Financial Enterprise, emphasised the importance of boosting financial services and attracting private investment to “turbocharge” the economy.

Mr Begbie said: “We fully support the priorities the Scottish Government has set out today of eradicating child poverty, tackling climate change, and improving public services, which are laudable and important ambitions.

“But only genuine, long-term economic growth will help sustainably deliver these priorities and it is vital that the Scottish Government adopts this as its guiding priority.

“In this regard it is encouraging to see the commitment to deliver a co‑ordinated programme to attract investment in priority areas like renewable energy and infrastructure by implementing the recommendations of the Investor Panel and aligning government and public bodies behind this approach.”

Mr Begbie continued: “SFE will continue to work closely with the Scottish Government to ensure early engagement with investors to explore new funding mechanisms such as blended finance and guarantees. The commitment to remove barriers to planning and consent in these areas is also very welcome and will, in turn, incentivise private sector investment.

“To turbocharge our economy we must put our largest value adding sectors, like financial services, front and centre of Scotland’s economic agenda. Our sector has the potential to add between £4-7bn GVA to the Scottish economy over the next four years and unlock vital investment in the energy transition.

“We have all the ingredients to be the engine of growth in the Scottish economy and we are determined to play our part.”

Dr Liz Cameron CBE, Chief Executive of the Scottish Chambers of Commerce, highlighted the need for planning reforms to unlock investment.

She said: “To address the budgetary challenge, we need to see a clear plan of how the Scottish and UK governments intend to work in partnership to support economic growth and business investment which is the only route to fund our public services.”

On investment Ms Cameron added: “Growth cannot be achieved without unlocking investment, which remains largely frozen in Scotland. It is a positive step that the government has stated that it will action the recommendations of the investor panel. The commitments to support research in our universities and the development of business clusters in growth sectors are also welcome.

“Business will await the detail of how the Heat in Buildings Bill will provide certainty to buildings owners and the supply chain.”

On support for women in business, she noted: “Supporting more women in business is right for the economy and our communities.

“The government’s accelerated efforts to implement the recommendations of the Logan and Stewart reviews will enable an increase in the number of women starting and scaling businesses.”