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Gers figures: Scottish economy deficit almost £15bn Gers figures: Scottish economy deficit almost £15bn
(about 1 hour later)
Scotland's public spending deficit stood at just under £15bn in the past financial year amid plummeting oil revenues.Scotland's public spending deficit stood at just under £15bn in the past financial year amid plummeting oil revenues.
Official Scottish government statistics showed the country spent £14.8bn more than it raised in taxes in 2015/16, including a share of North Sea revenue.Official Scottish government statistics showed the country spent £14.8bn more than it raised in taxes in 2015/16, including a share of North Sea revenue.
That figure represented a 9.5% share of GDP, the report said - more than double the 4% figure for the UK as a whole.That figure represented a 9.5% share of GDP, the report said - more than double the 4% figure for the UK as a whole.
Revised figures for the previous year put the Scottish deficit at £14.3bn.Revised figures for the previous year put the Scottish deficit at £14.3bn.
The UK's spending deficit is £75.3bn.The UK's spending deficit is £75.3bn.
The Government Expenditure and Revenue Scotland (Gers) figures estimated that Scotland's share of North Sea revenues fell by about 97% from £1.8bn in 2014/15 to £60m last year, reflecting a decline in total UK North Sea revenue.The Government Expenditure and Revenue Scotland (Gers) figures estimated that Scotland's share of North Sea revenues fell by about 97% from £1.8bn in 2014/15 to £60m last year, reflecting a decline in total UK North Sea revenue.
But this fall was offset by Scotland's onshore revenues growing by £1.9bn.But this fall was offset by Scotland's onshore revenues growing by £1.9bn.
Overall, Scottish public sector revenue was estimated as £53.7bn - the equivalent of £10,000 per person, and about £400 per person lower than for the UK as a whole.Overall, Scottish public sector revenue was estimated as £53.7bn - the equivalent of £10,000 per person, and about £400 per person lower than for the UK as a whole.
Meanwhile, total expenditure by the public sector was £68.6bn.Meanwhile, total expenditure by the public sector was £68.6bn.
This was equivalent to 9.1% of total UK public sector expenditure, and £12,800 per person - which is £1,200 per person greater than the UK average.This was equivalent to 9.1% of total UK public sector expenditure, and £12,800 per person - which is £1,200 per person greater than the UK average.
The Gers figures for the 2014/15 financial year, which were published in March, estimated the Scottish deficit at £14.9bn, or 9.7% of GDP, including a geographic share of offshore tax revenue.The Gers figures for the 2014/15 financial year, which were published in March, estimated the Scottish deficit at £14.9bn, or 9.7% of GDP, including a geographic share of offshore tax revenue.
But the latest report revised that figure down to £14.3bn, or 9.1% of Scottish GDP.But the latest report revised that figure down to £14.3bn, or 9.1% of Scottish GDP.
First Minister Nicola Sturgeon insisted the "foundations of the Scottish economy remain strong".First Minister Nicola Sturgeon insisted the "foundations of the Scottish economy remain strong".
She added: "The lower oil price has, of course, reduced offshore revenues, with a corresponding impact on our fiscal position - this underlines the fact that Scotland's challenge is to continue to grow our onshore economy.She added: "The lower oil price has, of course, reduced offshore revenues, with a corresponding impact on our fiscal position - this underlines the fact that Scotland's challenge is to continue to grow our onshore economy.
"However, Scotland's long-term economic success is now being directly threatened by the likely impact of Brexit.""However, Scotland's long-term economic success is now being directly threatened by the likely impact of Brexit."
'Sharing resources''Sharing resources'
The UK's government's Scottish secretary, David Mundell, said the figures "show how being part of the UK protects living standards in Scotland".The UK's government's Scottish secretary, David Mundell, said the figures "show how being part of the UK protects living standards in Scotland".
Mr Mundell said: "Scotland weathered a dramatic slump in oil revenues last year because we are part of a United Kingdom that has at its heart a system for pooling and sharing resources across the country as a whole.Mr Mundell said: "Scotland weathered a dramatic slump in oil revenues last year because we are part of a United Kingdom that has at its heart a system for pooling and sharing resources across the country as a whole.
"It is important that continues and the financial deal between the UK and Scottish governments, struck last year as part of the transfer of new tax and welfare powers to Holyrood, means real security for Scotland.""It is important that continues and the financial deal between the UK and Scottish governments, struck last year as part of the transfer of new tax and welfare powers to Holyrood, means real security for Scotland."
Douglas Fraser: What do the GERS figures tell us about Scotland's finances?Douglas Fraser: What do the GERS figures tell us about Scotland's finances?
This approach to estimating how much Scots pay in tax, and how much they benefit from spending at all levels of government, goes back to the early 90s.This approach to estimating how much Scots pay in tax, and how much they benefit from spending at all levels of government, goes back to the early 90s.
Conservative ministers in the Scottish Office thought it would help inform the debate on devolution, or at least it would help them make their case against a Scottish Parliament.Conservative ministers in the Scottish Office thought it would help inform the debate on devolution, or at least it would help them make their case against a Scottish Parliament.
The numbers would show, they thought, how much more Scotland gained from the Treasury than it sent south in tax revenues.The numbers would show, they thought, how much more Scotland gained from the Treasury than it sent south in tax revenues.
That was one of those times when the oil price was low.That was one of those times when the oil price was low.
Seven years earlier, it was very high and oil revenues were like a gusher.Seven years earlier, it was very high and oil revenues were like a gusher.
Read more from DouglasRead more from Douglas
GERS: Extracts from Table E.2 (figures rounded to the nearest £100). The numbers listed refer to the difference compared with the rest of the UK.
What has been the reaction to the figures?What has been the reaction to the figures?