Scotland's Economy

Government and Expenditure Revenue Scotland 2010-11

March 7, 2012 by John Swinney MSP No Comments | Category Economy

Official figures out today show yet again that Scotland contributes relatively more to the UK Treasury than we receive in public spending.

Latest Government and Expenditure Revenue Scotland 2010-11, shows that, including a fair share of UK North Sea oil and gas revenues, Scotland contributed 9.6 per cent of UK public sector revenue, yet received 9.3 per cent of total UK public sector expenditure, including a per capita share of UK debt interest payments. And our population is 8.4% of the UK.

Over the period 2006-07 to 2010-11, Scotland was in a stronger financial position relative to the UK as a whole by a total of £8.6 billion – that’s over £1,600 for every man, woman and child in Scotland, or over £3,600 per household.

And Scotland’s oil and gas resources – a trillion pound asset base – are worth more than 10 times Scotland’s share of the UK debt built up by successive Westminster governments.  More than half the value has still to be extracted from the North Sea, with a quarter more revenue this financial year flowing to the Treasury than last year.

With responsibility for our own finances and our own vast natural resources, we will be able to make choices in our own best interests.

Under independence, we would control the fiscal levers we need to suit our own economic circumstances and maximise Scotland’s potential to secure new investment and jobs.

The independence referendum in Autumn 2014 will be an opportunity for Scotland to choose a new, better path and ensure that the key economic decisions are taken in Scotland, for Scotland.

Tags: independence referendum, North Sea oil and gas, public sector revenue, public spending

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