Here’s an extract from the Scottish Government’s more positive but restrained response to our notional deficit followed by the link to Wings over Scotland’s comments:
Scotland’s fiscal position improves and tax revenue grows.
The latest Government Expenditure and Revenue Scotland (GERS) figures show Scotland’s fiscal position improved in 2016-17.
Overall, the notional deficit fell by £1.3 billion in 2016-17 to stand at 8.3% of GDP. Onshore revenues increased by £3.3 billion (6.1%) between 2015-16 and 2016-17 – the fastest increase since current records began in 1998-99 – while North Sea revenue also grew.
Speaking while visiting business start-up Aquila Biomedical, based at Edinburgh BioQuarter, First Minister Nicola Sturgeon said:
“Scotland’s economy remains strong. In the last quarter, our economy grew nearly four times faster than the UK and the number of people in employment is at a record high.
“These figures reflect Scotland’s finances under current constitutional arrangements. However, they show that our investment in key industries – such as the life-science sector – is providing a real boost to our onshore economy. By continuing to invest in key sectors, we will ensure Scotland remains a productive and competitive country.
“The lower oil price had an impact on North Sea revenues and the wider economy last year. However, it is encouraging to see an improvement in the overall fiscal balance and that onshore revenues grew at their fastest rate in nearly twenty years.
Why won’t the SNP comment on the UK Government’s failure to tax oil as it would wipe the deficit clean? See:
Here’s the Wings link which is well worth reading: