How much does Scotland contribute to the UK economy?

Scotland's contribution to the UK economy

Stephen Richard — Mon, 18 Oct 2021 12:03:01 +0000

Scotland's contribution to the UK economy Stephen Richard Mon, 10/18/2021 - 13:03

Author or Creator

Business for Scotland

The more northern areas of the UK have suffered years of de-industrialisation, high unemployment and lower investment that followed the emergence of London-centric finance and service-led economic policy under consecutive Conservative and New Labour governments.

Put simply, when the UK runs a surplus Scotland contributes more to the surplus, and when the UK runs a deficit Scotland has to pay more of the debt back than it is responsible for. It’s a “lose/lose” situation for Scottish tax payers and especially for those in need of support from the state.

How does a political and economic system that drains billions in revenues from Scotland and leaves the poor unable to heat their homes make us better together? The current Westminster system leaves many Scots children in poverty and growing up in a culture of hopelessness. It leaves our nation’s families comparatively poorer despite the fact that we generate more tax revenue per head that the rest of the UK.

How can anyone justly claim that is worth fighting for? But then maybe that is why the No camp does not actually campaign on the economic and social record of the Westminster system but rather campaign against independence and, by extension, against the hopes and aspirations of those of us that see independence not as an end in itself but a means to an end whereby we build a stronger, safer, richer, fairer and all round better Scotland.

We can build a Scotland which gets the best of both worlds from remaining in partnership with our friends across the British Isles in areas where we share mutual interests, but most importantly being able to shape our own economic future and maximise our own resources to benefit more Scots today and in generations to come through self-government.

Keywords

Wealth

wealth distribution

Economy

Economy of Scotland

Stephen Richard — Sat, 02 Oct 2021 18:18:09 +0000

Economy of Scotland

Primary Author or Creator

Wikipedia

Stephen Richard Sat, 10/02/2021 - 19:18

Alternative Published Date

2021-

Category

Economy

Type of Resource

Wikipedia

Fast Facts

The economy of Scotland had an estimated GDP of $205 billion in 2020. This includes oil and gas extraction in Scottish waters. Scotland's economy has been closely aligned with the economy of the rest of the UK) and England has been its main trading partner. In 2017, Scotland's exports totalled £81.4 billion, of which £48.9 billion (60%) was with rUK, £14.9 billion with the EU, and £17.6 billion with other parts of the world.

Resource Address (URL)

https://en.wikipedia.org/wiki/Economy_of_Scotland

Keywords

Economy

International trade

Language English

PARTING WAYS How Scotland and the remaining UK could negotiate the separation of debts and assets

Stephen Richard — Fri, 01 Oct 2021 11:37:39 +0000

PARTING WAYS How Scotland and the remaining UK could negotiate the separation of debts and assets

Primary Author or Creator

Craig Dalzell

Stephen Richard Fri, 10/01/2021 - 12:37

Additional Author(s) / Creators

Scottish Independence Convention

Alternative Published Date

2020

Category

Public Finance

Type of Resource

Policy Paper

Length (Pages, words, minutes etc...)

11pp

Fast Facts

All of the plausible negotiating strategies represent clear advantages for an independent Scotland. Even the least advantageous (the Annual Solidarity Payment) presents a scenario where Scotland would save around £1.5 billion per year in debt interest payments compared to that currently assigned to Scotland in GERS.

More details

Scottish Independence Convention. Transition Papers, no.3 Debts and Assets

Resource Address (URL)

https://independenceconvention.scot/transitions

Keywords

Public Debt

Public assets

Language English

Can Scotland afford to go it alone?

Stephen Richard — Wed, 29 Sep 2021 10:54:59 +0000

Can Scotland afford to go it alone?

Primary Author or Creator

Ruth Strachan

Stephen Richard Wed, 09/29/2021 - 11:54

Additional Author(s) / Creators

Investment Monitor

Date Published

Thu, 05/06/2021 - 12:00

Category

Economy

Type of Resource

Article

Fast Facts

With every passing election, Scotland seems to move closer to independence. Investment Monitor explores the obstacles the country would face should it leave the UK.

Resource Address (URL)

https://investmentmonitor.ai/analysis/who-would-pay-the-bills-in-an-independent…

Keywords

Language English

A Guide to the Government Expenditure and Revenue Scotland (GERS) Report

Stephen Richard — Wed, 29 Sep 2021 10:39:20 +0000

A Guide to the Government Expenditure and Revenue Scotland (GERS) Report

Primary Author or Creator

Fraser of Allander Institute

Stephen Richard Wed, 09/29/2021 - 11:39

Additional Author(s) / Creators

University of Strathclyde

Alternative Published Date

2021

Category

Economy

Type of Resource

Academic Paper

Fast Facts

The possible financial costs and risks, or savings and opportunities, of implementing a new constitutional framework are, naturally, not considered in GERS. Similarly, it does not report on the effects of faster or slower economic growth in an independent Scotland.

Resource Address (URL)

https://fraserofallander.org/gers-guide/

Keywords

Language English

Where does Scotland’s wealth go?

Stephen Richard — Wed, 29 Sep 2021 10:16:51 +0000

Where does Scotland’s wealth go?

Primary Author or Creator

Gordon MacIntyre-Kemp

Stephen Richard Wed, 09/29/2021 - 11:16

Additional Author(s) / Creators

Business for Scotland

Alternative Published Date

2013

Category

Economy

Type of Resource

Web site

Fast Facts

When you compare the map of where the wealth ends up with a map of where the UK’s wealth is generated, the union drains wealth from Scotland.

More details

Resource Address (URL)

https://www.businessforscotland.com/where-does-scotlands-wealth-go/

Keywords

wealth distribution

Health

Language English

Government Expenditure & Revenue Scotland 2020-21

Stephen Richard — Wed, 29 Sep 2021 10:03:17 +0000

Government Expenditure & Revenue Scotland 2020-21

Primary Author or Creator

Scottish Government

Stephen Richard Wed, 09/29/2021 - 11:03

Additional Author(s) / Creators

Add additional Authors and/or Publisher

Date Published

Wed, 08/18/2021 - 12:00

Category

Economy

Type of Resource

government report

Fast Facts

Estimated total expenditure for the benefit of Scotland by the Scottish Government, UK Government, and all other parts of the public sector was £99.2 billion. Spending increased by 21.0%, reflecting the costs of the health and wider economic interventions in response pandemic. This is equivalent to 9.1% of total UK public sector expenditure, or £18,144 per person, which is £1,828 per person greater than the UK average.

More details

Net Fiscal Balance 2020-21

This is the difference between total revenue and total public sector expenditure including capital investment. The net fiscal balance:

Including an illustrative geographic share of North Sea revenue, was a deficit of 22.4% of GDP (£36.3 billion).
Excluding North Sea revenue, was a deficit of 23.8% of GDP (£36.9 billion).
For the UK, was a deficit of 14.2% of GDP.

Total Public Sector Revenue 2020-21

Including an illustrative geographic share of North Sea, Scottish public sector revenue was estimated as £62.8 billion (7.9% of UK revenue). Of this, £0.5 billion was North Sea revenue. Scottish non-North Sea revenue was £62.3 billion (7.8% of UK revenue).
Non-North Sea revenue fell from £65.3 billion in 2019-20, a fall of 4.6% as the pandemic decreased revenue, particularly non-domestic rates, VAT, and fuel duties.
Scotland’s illustrative geographical share of North Sea revenue was £0.5 billion in 2020-21, down from £0.8 billion in 2019-20, as the fall in the oil price during the pandemic reduced revenue.
Including an illustrative geographical share of North Sea revenue, Scotland’s public sector revenue is equivalent to £11,496 per person, £382 less than the UK average. Excluding North Sea revenue, it is £11,395 per person, £477 less than the UK average.

Total Public Sector Expenditure 2020-21

Total expenditure for the benefit of Scotland by the Scottish Government, UK Government, and all other parts of the public sector was £99.2 billion. Spending increased by 21.0%, reflecting the costs of the health and wider economic interventions in response pandemic. This is equivalent to 9.1% of total UK public sector expenditure, or £18,144 per person, which is £1,828 per person greater than the UK average.

The figures are produced in accordance with professional standards set out in the Code of Practice for Statistics.

Resource Address (URL)

https://www.gov.scot/publications/government-expenditure-revenue-scotland-2020-…

Keywords

Public expenditure

expenditure per person

Fiscal balance

Public revenue

Language English