Scotland- the economic case: The aim of GERS is to enhance public understanding of fiscal issues in Scotland. The estimates in this publication are consistent with the UK Public Sector Finance Statistics for January 2014, published in February 2014. The key results for 2012-13, excluding the impact of the transfer Royal Mail pension plan and Bank of England Asset Purchase Facility revenues, are as follows: In 2012-13, total Scottish non-North Sea public sector revenue was estimated at £47.6 billion, (8.2% of total UK non-North Sea revenue). Including a per capita share of North Sea revenue, total Scottish public sector revenue was estimated at £48.1 billion (8.2% of UK total public sector revenue). When an illustrative geographical share of North Sea revenue is included, total Scottish public sector revenue was estimated at £53.1 billion (9.1% of UK total public sector revenue). In 2012-13, total public sector expenditure for the benefit of Scotland by the UK Government, Scottish Government and all other parts of the public sector, plus a per capita share of UK debt interest payments, was £65.2 billion. This is equivalent to 9.3% of total UK public sector expenditure. In 2012-13, the estimated current budget balance for the public sector in Scotland was a deficit of £14.2 billion (11.2% of GDP) excluding North Sea revenue, a deficit of £13.6 billion (10.6% of GDP) including a per capita share of North Sea revenue or a deficit of £8.6 billion (5.9% of GDP) including an illustrative geographical share of North Sea revenue. In 2012-13, the UK as a whole ran a current budget deficit, including 100 per cent of North Sea revenue, of £91.9 billion (5.8% of GDP). In 2012-13, Scotland’s estimated net fiscal balance was a deficit of £17.6 billion (14.0% of GDP) when excluding North Sea revenue, a deficit of £17.1 billion (13.3% of GDP) when including a per capita share of North Sea revenue or a deficit of £12.1 billion (8.3% of GDP) when a geographical share of North Sea revenue is included. In 2012-13, the equivalent UK position including 100 per cent of North Sea revenue, referred to in the UK Public Sector Accounts as ‘net borrowing’, was a deficit of £114.8 billion (or 7.3% of GDP).
Posted on: Mon, 04 Aug 2014 12:54:50 +0000
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