‘It will simply not be sufficient for the UK Government to highlight risks with independence. The status quo itself has important policy challenges, whether that be the economic costs of leaving the EU Single Market or the economic effect of limits on immigration.’
‘Perhaps most of all, the importance of setting out a stable long-term environment for investment will be the most effective policy that anyone could set. It will also require international cooperation, both in terms of connectivity, R&D and investment.’
‘Unprotected areas of the Scottish budget should avoid real terms cuts in 2020/21, but they should not expect a spending bonanza.’ Latest FAI analysis…
‘Much more could be done by government to defend these statistics and proactively clear-up misunderstandings.’
‘If Scotland is to meet the challenges of the next decade and beyond – and take advantage of the undoubted opportunities that will arise – it is likely to require a much bolder economic policy agenda’
‘But what can be said with certainty, if these forecasts are correct, is that the amount of money that the government had planned to have at their disposal – all other factors remaining equal – will be much smaller’.
‘The challenge with setting ambitious targets is that parliament can be judged, not just on whether or not it is meeting these targets, but on the effectiveness of the reforms they are implementing.’
‘All of these assumptions are necessarily educated guesswork. Add all the ‘worst case’ scenarios for each of these elements and you end up with an economy that shrinks by an eye-watering £11bn figure.’
‘In short, (these) statistics confirm that putting up barriers with our largest international trading partner (EU) is only likely to weaken Scotland’s growth prospects’
A key aim of the Smith Commission was to improve accountability and make Scotland’s politicians responsible for the money that they spent. Unfortunately rather than helping to deliver this aim, the current proposals for VAT assignment risk undermining that principle.