Scotland publishes revenue figures

The Scottish government has announced that revenue has increased by £15 billion and there has been strong growth in income tax and in the energy sector.

Total revenue for Scotland increased by 20.7 per cent (£15 billion). The figure includes a £1.9 billion increase in revenue from Scottish income tax and £6.9 billion increase in North Sea revenue. However, these increases have partially been offset by a rise in spending on cost-of-living measures and interest payments on UK Government debt.

On the occasion of the 30th Government Expenditure and Revenue Scotland (GERS) statistics, cabinet secretary for wellbeing economy, fair work and energy, Neil Gray, visited the University of Glasgow's Mazumdar-Shaw Advanced Research Centre where he learned about the economic potential of quantum technology to Scotland’s economy.

Gray said: “I am pleased that Scotland’s finances are improving at a faster rate than the UK as a whole, with revenue driven by Scotland’s progressive approach to income tax and our vibrant energy sector. While the record revenues from the North Sea show the extent that the UK continues to benefit from Scotland’s natural wealth, these statistics do not reflect the full benefits of the green economy, with hundreds of millions of pounds in revenue not yet captured.

“It is important to remember that GERS reflects the current constitutional position, with 41% of public expenditure and 64% of tax revenue the responsibility of the UK Government. Indeed, a full £1 billion of our deficit is the direct result of the UK Government’s mismanagement of the public finances. An independent Scotland would have the powers to make different choices, with different budgetary results, to best serve Scotland’s interests.

“While we are bound to the UK’s economic model and do not hold all the financial levers needed, we will continue to use all the powers we do have to grow a green wellbeing economy, while making the case that we need independence to enable Scotland to match the economic success of our European neighbours.

“I’m grateful to the University of Glasgow for showing me their world-leading quantum technology research, which could be worth £1 billion to our economy within seven years, highlighting just how bright Scotland’s future could be outside of the UK.”

Image by M W from Pixabay