Wednesday, 12 March 2014

First Minister on Scotland's finances

Scotland has been in a relatively stronger fiscal position than the UK over the five years to 2012-13 as a whole by the value of £8.3 billion - or £1,600 per person - according to new statistics published today. The 2012-13 Government Expenditure and Revenue Scotland (GERS) report, which estimates levels of tax and spending in Scotland, demonstrates that, including a geographical share of North Sea oil and gas, tax revenues in Scotland were £800 higher per head compared to the UK in 2012-13.

The GERS figures show that, even with a drop in oil revenues caused in part by record tax deductible £14 billion investment spending by oil companies and unplanned production stoppages, Scotland's current budget balance in 2012-13, at 5.9 per cent of GDP (£8.6 billion), was almost identical to the United Kingdom current budget balance of 5.8 per cent (£91.9 billion).
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