Scotland's economy

Economic alignment with UK

Stephen Richard — Sat, 23 Oct 2021 06:02:01 +0000

Economic alignment with UK Stephen Richard Sat, 10/23/2021 - 07:02

Author or Creator

Common Weal

Scotland has a successful economy with strengths such as energy, financial services and tourism. It has a world-class university sector, is rich in natural resources, and can count on trusted institutions. A key argument for independence is that Scotland now needs to diverge from post-Brexit Britain, and economic alignment with the UK is no longer applicable. The weaker the alignment with the UK economic model, the greater the opportunity to “do things differently”, but the greater the short-term risk and upheaval.

Keywords

Economic policy

Scotland's economy

UK economy

The Barnett formula

Stephen Richard — Mon, 18 Oct 2021 22:06:32 +0000

The Barnett formula Stephen Richard Mon, 10/18/2021 - 23:06

Author or Creator

J. R. Cuthbert

The overall effect of the new Barnett funding system is to place Scotland in a vulnerable position, where it is at much greater risk of falling into a cycle of economic decline relative to the rest of the UK.

This paper sets out to de-mystify the effects of the Barnett Formula – the mechanism which has delivered the bulk of the funding for Scottish domestic services over the past forty years. There has always been considerable ambiguity about the effects of the formula: with some holding that it is a mechanism which would eventually deliver converging levels of per capita spending in the different countries of the UK: while others held that it protected expenditure differentials. The paper explains why, partly because of the effects of relative population change, both views were correct at different times in the period up to 2015. In particular, at times of austerity, the formula operated to protect relative per capita spending levels in Scotland. Largely by accident, the Barnett Formula delivered some of the features expected in a properly functioning monetary union. After 2015, however, with the introduction of the post referendum fiscal settlement, the position is quite different. While Barnett still plays a part, the overall effect of the new funding system is to place Scotland in a vulnerable position, where it is at much greater risk of falling into a cycle of economic decline relative to the rest of the UK.

Scottish Affairs, vol 29, issue 3

Keywords

Barnett formula

Public finance

Scotland's economy

England does not subsidise Scotland

Stephen Richard — Sun, 17 Oct 2021 08:42:25 +0000

England does not subsidise Scotland Stephen Richard Sun, 10/17/2021 - 09:42

Author or Creator

Believe in Scotland

The UK Government has diverted Scotland’s wealth to the UK Treasury to pay off its debts. Thus it creates 100% of Scotland’s supposed debts and 100% of its phoney deficit. This is the impact of Westminster’s debt loading alone, and upon that accounting trick, rests the entire economic case for the Union. Would an independent Scotland have to pay the rUK a population share of the UK’s historical debt? No – there is in fact a very strong case for Scotland to be compensated for having already paid more than it’s “fair share” of the UK’s debt

Keywords

Scotland's economy

Public Debt

GERS

How to future-proof Scotland's economy. Open Minds on Independence #15

Stephen Richard — Sun, 10 Oct 2021 09:46:54 +0000

How to future-proof Scotland's economy. Open Minds on Independence #15

Primary Author or Creator

The National

Stephen Richard Sun, 10/10/2021 - 10:46

Additional Author(s) / Creators

Believe in Scotland

Date Published

Sat, 04/03/2021 - 12:00

New GERS data fundamentally makes the case for Scottish Independence

Vicky Fairley — Thu, 02 Sep 2021 14:10:42 +0000

New GERS data fundamentally makes the case for Scottish Independence

Primary Author or Creator

MacIntyre-Kemp, Gordon

Vicky Fairley Thu, 09/02/2021 - 15:10

Additional Author(s) / Creators

Business for Scotland

Alternative Published Date

August 2021