When the draft Scottish Budget was presented to Parliament in December, we raised some concerns about the extent to which lessons about financial planning from previous years had been learnt. In particular, there was the decision not to budget for the likely shortfall in funding for the Employers National Insurance change, and the announcement of a commitment to mitigate the … [Read more...] about Fiscal sustainability and the Scottish budget
Scottish Budget
Scottish economy outperforming the UK but for how long?
As with GDP for the UK as a whole, the level of Scottish GDP has been revised up throughout 2021 and 2022 in line with the Office for National Statistics’ (ONS) Blue Book 2023 revisions. This means that the economy recovered more quickly than anticipated from the pandemic, which is welcome news. It is now estimated that the Scottish economy is 0.9% larger than it was prior to … [Read more...] about Scottish economy outperforming the UK but for how long?
What does the Autumn Statement mean for Scotland?
The two main tax measures – lower NICs and making full expensing permanent – are UK-wide, and apply automatically in Scotland. Some other measures announced are England-only, and therefore bring with them additional funding for the Scottish Government through the Barnett formula, totalling £233m in this financial year and £281m in the next. The main measures generating … [Read more...] about What does the Autumn Statement mean for Scotland?
Kate’s budget blues
On Thursday (December 9), the Scottish Government will publish its budget for 2022/23. It will be the first budget of this session of parliament, following the elections in May. Kate Forbes’ third budget in charge of the Scottish Government’s finances will arguably be the most difficult she has faced. Whilst the Scottish Government will have more resources at its disposal than … [Read more...] about Kate’s budget blues
Sunak’s Budget and Scotland
Rishi Sunak’s 2021 budget was delivered in three parts. First were measures taken to continue to protect the livelihoods of individuals and businesses whilst health restrictions remain in place. Many of these measures had been pre-announced, including a six month extension to furlough and to the uplift to Universal Credit. Others, including announcements of further business … [Read more...] about Sunak’s Budget and Scotland