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You are at:Home»Holyrood»Scottish Revenue Increases by £15 Billion

Scottish Revenue Increases by £15 Billion

EmiliaBy Emilia16th August 202325 Views3 Mins Read Holyrood
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Strong growth in income tax and energy sector.

Scotland’s notional deficit has continued to fall at a faster pace than the UK’s, driven by record energy sector revenues and strong growth in the tax take, figures for the 2022-23 financial year show.

The Government Expenditure and Revenue Scotland (GERS) figures show that Scotland’s finances are improving at a faster rate than the UK as a whole. This is very encouraging and highlights that Scotland’s economy is moving in right direction.

GRAEME

Total revenue for Scotland increased by 20.7% (£15 billion) compared with 11.3% for the UK as a whole. This includes a £1.9 billion increase in revenue from Scottish income tax and £6.9 billion increase in North Sea revenue. These increases have partially been offset by a rise in spending on cost of living measures and interest payments on UK Government debt.

The 2022-23 Government Expenditure and Revenue Scotland (GERS) statistics have been published.

Figures show that total revenue for Scotland has increased by 20.7% or £15 billion. This is compared with 11.3% for the UK as a whole.

Find out more at https://t.co/5S4A7Bo9sU pic.twitter.com/LHEoHfURWQ

— Scottish Government (@scotgov) August 16, 2023

To mark publication of the 30th Government Expenditure and Revenue Scotland (GERS) statistics, the Cabinet Secretary for Wellbeing Economy, Fair Work and Energy, Neil Gray, visited the University of Glasgow’s Mazumdar-Shaw Advanced Research Centre to learn about the significant economic potential of quantum technology to Scotland’s economy. Recent research has suggested the sector could be worth £1 billion to Scotland by 2030.

I am pleased that Scotland’s finances are improving at a faster rate than the UK as a whole, with revenue driven by Scotland’s progressive approach to income tax and our vibrant energy sector. While the record revenues from the North Sea show the extent that the UK continues to benefit from Scotland’s natural wealth, these statistics do not reflect the full benefits of the green economy, with hundreds of millions of pounds in revenue not yet captured.

It is important to remember that GERS reflects the current constitutional position, with 41% of public expenditure and 64% of tax revenue the responsibility of the UK Government. Indeed, a full £1 billion of our deficit is the direct result of the UK Government’s mismanagement of the public finances. An independent Scotland would have the powers to make different choices, with different budgetary results, to best serve Scotland’s interests.

While we are bound to the UK’s economic model and do not hold all the financial levers needed, we will continue to use all the powers we do have to grow a green wellbeing economy, while making the case that we need independence to enable Scotland to match the economic success of our European neighbours.

I’m grateful to the University of Glasgow for showing me their world-leading quantum technology research, which could be worth £1 billion to our economy within seven years, highlighting just how bright Scotland’s future could be outside of the UK.

MR GRAY

The full statistical publication is available on the Scottish Government website.

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Emilia

I started working for Graeme’s office after graduating from Abertay University and while I was studying a post graduate at Dundee University. I then went on to work for Graeme full time as his constituency assistant.

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Graeme Dey is the the Member of the Scottish Parliament for Angus South Constituency.

Having worked for The Courier newspaper for 26 years, Graeme was elected to Holyrood in 2011.

In March 2023, Graeme was chosen by First Minister Humza Yousaf to be Minister for Higher and Further Education; and Minister for Veterans.

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