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| Scottish economy: GERS figures to spell out oil-slump impact | |
| (about 9 hours later) | |
| Scotland's latest public finance figures are expected to spell out the impact of the oil price slump on the country's economy. | Scotland's latest public finance figures are expected to spell out the impact of the oil price slump on the country's economy. |
| The annual Government Expenditure and Revenue Scotland (GERS) statistics are to be unveiled by First Minister Nicola Sturgeon at 09:30. | |
| Scottish government sources have acknowledged that the figures are likely to be "challenging". | Scottish government sources have acknowledged that the figures are likely to be "challenging". |
| But, ministers insist the overall economy remains robust. | But, ministers insist the overall economy remains robust. |
| Last year, the figures suggested Scotland's economic picture had improved but remained worse than the UK average. | Last year, the figures suggested Scotland's economic picture had improved but remained worse than the UK average. |
| The latest set - for the year 2014/15 - will feature the full impact of the sharp decline in the value of North Sea oil and gas, which has led to the loss of tens of thousands of jobs in the industry. | The latest set - for the year 2014/15 - will feature the full impact of the sharp decline in the value of North Sea oil and gas, which has led to the loss of tens of thousands of jobs in the industry. |
| Detailed analysis | Detailed analysis |
| The figures are compiled by statisticians and economists working for the Scottish government's chief economic adviser through detailed analysis of official UK and Scottish government finance statistics. | The figures are compiled by statisticians and economists working for the Scottish government's chief economic adviser through detailed analysis of official UK and Scottish government finance statistics. |
| Their report is designed to help people understand and analyse Scotland's financial position under different scenarios. | Their report is designed to help people understand and analyse Scotland's financial position under different scenarios. |
| Last year's figures suggested that people in Scotland paid £400 more in tax than the UK as a whole in 2013/14, but they also received £1,200 more in spending. | Last year's figures suggested that people in Scotland paid £400 more in tax than the UK as a whole in 2013/14, but they also received £1,200 more in spending. |
| The revenue included taxation from the oil and gas industry deemed to be in Scottish waters. | The revenue included taxation from the oil and gas industry deemed to be in Scottish waters. |
| The figures also suggested: | The figures also suggested: |
| Speaking ahead of the release of the latest figures, Scottish Labour predicted they would show that Scotland "would have faced huge public spending cuts under full fiscal autonomy and will underline the importance of the fiscal framework deal which will keep the Barnett formula." | Speaking ahead of the release of the latest figures, Scottish Labour predicted they would show that Scotland "would have faced huge public spending cuts under full fiscal autonomy and will underline the importance of the fiscal framework deal which will keep the Barnett formula." |
| It has called for a ministerial statement on the figures to be made in the Scottish Parliament, and renewed its call for a quarterly oil and gas bulletin, with a focus of the impact of the failing price of oil on jobs and the supply chain. | It has called for a ministerial statement on the figures to be made in the Scottish Parliament, and renewed its call for a quarterly oil and gas bulletin, with a focus of the impact of the failing price of oil on jobs and the supply chain. |
| The party's Jackie Baillie said: "With new powers coming to Scotland we need deeper scrutiny of Scotland's finances than ever before. The SNP government have a responsibility to be honest to the people of Scotland about the balance sheet." | The party's Jackie Baillie said: "With new powers coming to Scotland we need deeper scrutiny of Scotland's finances than ever before. The SNP government have a responsibility to be honest to the people of Scotland about the balance sheet." |