Scotland's financial position beats rest of UK, figures show

Published on Wednesday 22 June 2011 18:22

Scotland is in a stronger budget position than the UK as a whole for the fifth year in a row, official statistics have revealed.

The statistics come from a 2009-10 report, compiled by Government Expenditure and Revenue Scotland and include a portion of North Sea oil and gas revenues.

North of the Border contributed 9.4 per cent of UK public sector revenue and received 9.3 per cent of total UK expenditure, including a share of UK debt interest payments.

The estimated current budget balance in Scotland is a deficit of 9 billion (6.8 per cent of GDP), compared to the UK-wide deficit of 107.3 billion (7.6 per cent of GDP), for the same year including the North Sea revenues for 2009-10.

Finance Secretary John Swinney said: "Once again, the official GERS figures show that Scotland contributes more to the UK exchequer than we receive in public spending."

"Scotland generated 9.4 per cent of UK tax with 8.4 per cent of the population - the equivalent of 1,000 extra for every man, woman and child in Scotland."

"We know that Scotland's oil and gas resources represent a trillion pound asset base - worth more than 10 times Scotland's share of a UK debt built up by successive Westminster governments," he said. "Indeed, over the next five years North Sea oil and gas is forecast to raise 61 billion in tax revenue, 35 per cent more than during the previous five years."

"Unlike successive UK governments, the Scottish Government has run a balanced budget every year since 2007, and we now urgently need new levers to promote economic recovery in Scotland, such as access to enhanced borrowing powers, corporation tax, excise duties and the Crown Estate," he said.