Scotland's Economy
Statement following Finance Ministers’ quadrilateral
July 24, 2020 by Kate Forbes MSP 3 Comments | Category Uncategorized
Speaking after a virtual meeting this afternoon with the Chief Secretary to the Treasury Stephen Barclay, Welsh Finance Minister Rebecca Evans and Northern Irish Finance Minister Conor Murphy, Finance Secretary Kate Forbes said:
“We had a constructive conversation and the £800 million of additional new funding the UK Government announced yesterday is welcome and provides us with additional certainty.
“But if we are to meet the challenges of coronavirus (COVID-19) we also require additional fiscal flexibility and it is disappointing the UK Government failed to agree to this today.
“The powers we and the other devolved governments seek are reasonable, straightforward and would not cost the UK Government a penny.
“At the moment, for example, I can’t take money from the capital budget, which we have been unable to spend because of COVID-19, and use it for revenue. Yet it is revenue that pays for our health services and schools, supports businesses and keeps our transport systems running.
“Unlike other countries across the world we cannot respond quickly to emerging needs by borrowing, leaving us overly-dependent on policy decisions made by the UK Government.
“We require these powers now to make the decisions needed to grow our economy and create jobs. Along with the Welsh and Northern Ireland Governments, we will continue making this urgent case to the Treasury.”
RSS
Email
The UK central bank, a.k.a ‘The Bank of England’ is Scotland’s central bank as well as the cb for England, Wales and N.I. … when our central bank indulges in ‘QE’ then Scotland’s government should be allocated a proportional share of those funds to be used in the way that SG deems most effective. It’s time the SG stopped accepting that our central bank can indulge in QE and let Westminster decide how much (little) comes the way of Scotland.
The UK Government are trying the hands of our Scottish Government in the way they are repeatedly refusing to even temporarily transfer powers to devolved Governments. This forces the Scottish Government to a degree to dance to Westminster tune given the restrictions of devolved powers. They will be hen present Scotland with figures to be included in GERS giving a false impression of Scottish debt. The public need this to be spelled out to them. This alone is a strong argument for independence with our own Scottish currency.
Did the Westminster Ministers say why they would not allow the additional fiscal flexibility?