Pensions bonus

AN INDEPENDENT Scotland could be better placed to pay for its pensions and welfare bill than under the present system, according to a new report.

Figures from GERS (Government Expenditure & Revenue in Scotland) suggested the amount Scotland spent on pensions and welfare was proportionately less than the UK as a whole. Scotland’s pension expenditure between 2005 and 2010 was 15.1 per cent of the money raised from tax within Scotland. Across the UK in the same period, it was 15.7 per cent.

However, Scottish Secretary Michael Moore pointed out that welfare spending was also three times the oil and gas revenue raised in Scottish waters.