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Gers figures show Scotland's debt 'lower than UK level' Gers figures show Scotland's debt 'lower than UK level'
(about 1 hour later)
Scotland spent more than it raised in revenue last year, according to the latest official figures. Scotland spent more cash than it raised last year, although debt levels were lower than the UK as a whole, official figures have suggested.
But the Government Expenditure and Revenue Scotland 2011-12 (Gers) report suggested that debt levels were lower than those of the UK as a whole. Scotland had debt of £3.4bn, or 2.3% of Gross Domestic Product, if a geographical share of North Sea oil was included.
Scotland ran up a debt of £3.4bn, representing 2.3% of Gross Domestic Product, if a geographical share of North Sea oil is included.
Equivalent numbers for the UK showed a deficit of £92.3bn, or 6.0% of GDP.Equivalent numbers for the UK showed a deficit of £92.3bn, or 6.0% of GDP.
The Gers report, which sets out actual levels of tax and spending, showed that last year Scotland raised £46.3bn, equivalent to 8.2% of the total raised in the UK. The Government Expenditure and Revenue Scotland (Gers) figures for 2011-12 set out actual levels of tax and spending.
However, that figure increased to £56.9bn when a geographical share of North Sea revenue is included, representing 9.9% of the total UK public sector revenue. Scottish ministers, who will stage an independence referendum in 2014, said the UK figures showed Scotland "more than pays her way".
The figures also show that Scotland received 9.3% of total UK public sector expenditure, including a per capita share of UK debt interest payments. The Westminster government argued the "extremely volatile" nature of oil prices meant they were far better managed in a UK-wide context.
Finance Secretary John Swinney said: "These official figures show that Scotland continues to contribute proportionately more to the UK Treasury than we receive in public spending. The href="http://www.scotland.gov.uk/Resource/0041/00415875.pdf" >Scottish government-published spending figures said:
"In 2011/12, Scotland generated 9.9 per cent of UK revenues with 8.4 per cent of the population while only receiving 9.3 per cent of UK public spending back from the UK Government.
  • Total Scottish public sector revenue (excluding North Sea income) was estimated at £46.3bn, or 8.2% of the UK total.
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  • Including a per capita share of North Sea income, Scottish public sector revenue was estimated at £47.2bn, or 8.2% of the UK total.
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  • Including an geographical share of North Sea income, Scottish public sector revenue was estimated at £56.9bn, or 9.9% of the UK total.
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Scottish Finance Secretary John Swinney said Scotland was better off to the tune of £824 per person and, over the last five years, was in a stronger position relative to the UK as a whole by £12.6bn.
He added: "These official figures show Scotland continues to contribute proportionately more to the UK Treasury than we receive in public spending.
"In 2011-12, Scotland generated 9.9% of UK revenues with 8.4% of the population, while only receiving 9.3% of UK public spending back from the UK government.
"This demonstrates beyond any doubt that Scotland more than pays her way in the UK.""This demonstrates beyond any doubt that Scotland more than pays her way in the UK."
Valuable sector For the UK government, Scottish Secretary Michael Moore said the figures showed how Scotland benefitted from being part of the UK.
He added: "Over the last year our stronger fiscal position, would have seen Scotland better off to the tune of £824 per person, or £4.4bn in total. "The rise in oil revenues is welcome and shows that the UK's regulatory and tax regime is supporting the industry to get the most out of North Sea oil and gas," he said.
"And over the last five years Scotland has been in a stronger financial position relative to the UK as a whole by a total of £12.6 bn."
Scottish Secretary Michael Moore said the figures showed how Scotland benefitted from being part of the UK.
He said: "The rise in oil revenues is welcome and shows that the UK's regulatory and tax regime is supporting the industry to get the most out of North Sea oil and gas.
"While the sector is valuable to our country, the past decade has shown that the price of oil can be extremely volatile from year to year."While the sector is valuable to our country, the past decade has shown that the price of oil can be extremely volatile from year to year.
"This underlying volatility can be much better managed inside the larger UK where oil and gas revenues represent a smaller percentage of overall tax revenues.""This underlying volatility can be much better managed inside the larger UK where oil and gas revenues represent a smaller percentage of overall tax revenues."
The figures also said:
  • Total public sector spending for the benefit of Scotland by the Scottish and UK governments and other public sector areas was £64.5bn, or 9.3% of total UK public sector expenditure (including a per capita share of UK debt interest payments).
  • The estimated current budget balance for the public sector in Scotland was a deficit of £14.0bn without North Sea revenue, £13bn including a per capita share of North Sea revenue, or £3.4bn including a geographical share of North Sea revenue.
  • The UK as a whole ran a current budget deficit, including North Sea revenue, of £92.3bn, or 6% of GDP.