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Scots tax and spend figures to be published Scottish public finances show improvement
(about 11 hours later)
Annual economic figures that have been a key battleground in the independence debate are to be published by the Scottish government. Scotland's public finances have continued to show some improvement over the past year, according to Scottish government statistics.
The Government Expenditure and Revenue Scotland (Gers) report will estimate how much the country raised in taxes in the last financial year, and how much was spent on its public services. The Government Expenditure and Revenue Scotland (Gers) report said the country spent £13.4bn more than it raised in taxes in the past financial year.
Last year's report said Scotland spent £13.3bn more than it raised in 2016/17. This was marginally higher than the £13.3bn figure for the previous year.
The deficit represented an 8.3% share of Scotland's GDP. The deficit as a percentage of the country's GDP dropped from 8.3% to 7.9% - four times higher than for the UK.
This was triple the UK figure of 2.4%, but lower than the £14.5bn deficit that had been recorded the previous year. The UK's spending deficit dropped by £6.4bn to £39.4bn in 2017/18, the lowest figure since 2007, according to the latest figures. This was 1.9% of its GDP.
The UK deficit dropped by £6.4bn to £39.4bn in 2017/18, the lowest figure since 2007, according to official figures. The Gers figures have become a key battleground in the debate over Scottish independence in recent years.
Collapse in oil price
Scotland had a relatively stronger fiscal position than the UK in 2010/11, but since then the position has been reversed - largely as a result of the collapse in the oil price.Scotland had a relatively stronger fiscal position than the UK in 2010/11, but since then the position has been reversed - largely as a result of the collapse in the oil price.
Of the £58bn raised in total in 2016/17, only £208m was from North Sea oil and gas revenue - far lower than it had been before the oil price crash, with revenues standing at nearly £8bn in 2011/12. The statistics estimated that Scotland's total public sector revenue was £60bn in 2017/18, of which £1.3bn was from the North Sea oil and gas industry.
Economists at Strathclyde University's respected Fraser of Allander Institute said the gap of six percentage points between the Scottish and UK deficits in last year's Gers report was the largest since the annual figures were published on a consistent basis nearly 20 years ago. This was higher than the £266m of revenue from the North Sea in the previous year - but well below the £8bn the offshore industry generated in 2011/12.
Scotland's share of total UK total revenue has also fallen in recent years from a peak of 9.7% in 2008/09, and currently stands at 8.0% of the UK total.
Total expenditure by the Scottish government, UK government, and all other parts of the public sector in Scotland was said to have increased put at £73.4bn, which was equivalent to 9.3% of total UK public sector expenditure.
Other key statistics from the report include:
First Minister Nicola Sturgeon welcomed the figures, which she said provided further evidence that the country's economy was "on the right trajectory" despite the "limited powers" at the Scottish government's disposal.
But the UK government's Scottish secretary, David Mundell, said it was concerning that Scotland's deficit as a share of GDP remained four times that of the UK's.
And Scottish Labour leader Richard Leonard said the figures showed that "the SNP's plans for independence would mean unprecedented levels of austerity for Scotland".
Gers was described as the "authoritative publication on Scotland's public finances" in the Scottish government's White Paper on independence ahead of the 2014 referendum.Gers was described as the "authoritative publication on Scotland's public finances" in the Scottish government's White Paper on independence ahead of the 2014 referendum.
The report, which will be published at 09:30 on Wednesday, is compiled by statisticians working for the Scottish government's chief economic adviser, and is free from political interference. The report is compiled by statisticians working for the Scottish government's chief economic adviser, and is free from political interference.
The Scottish government has published a list of answers to frequently asked questions about how Gers is compiled here.The Scottish government has published a list of answers to frequently asked questions about how Gers is compiled here.