CEBR confirm Scotland stands on own financial feet
Finance Secretary has welcomed the Sunday Times front page story "English subsidy of Scots ‘a myth’" stating that the Centre for Economics and Business Research have concluded that unlike other parts of the UK Scotland receives no net subsidy from the rest of the UK.
Responding to the article, Mr Swinney said:
"An independent Scotland will be the sixth-wealthiest country in the developed world in terms of GDP per head, and our public sector debt is lower than the UK’s, and lower than the EU and G7 average – confirming our underlying economic strength with independence.
"This positive report is based on allocating Scotland 83 per cent of North Sea revenues - while the most recent Government Expenditure and Revenue (GERS) figures show that 91.4 per cent of oil and gas revenues belong to Scotland on a geographical basis.
“Year-on-year, Scotland is in a stronger financial position than the UK as a whole. Taking all Scottish revenues and all spending in Scotland into account – including the net cost of the financial sector interventions – the official GERS statistics show that Scotland has run a current budget surplus in four of the five years to 2009/10, while the UK was in current budget deficit in each of these years, and hasn’t run a current budget surplus since 2001/02.
“In the five years to 2009/10, Scotland was in a stronger financial position than the UK as a whole to the tune of £7.2 billion – or nearly £1,500 for every person in Scotland.”