The outlook for Scotland’s budget in 2023-24 has undoubtedly been made more challenging due to factors wholly outwith the control of the Scottish Government, but there are decisions that Deputy First Minister John Swinney can make to ease the path ahead for Scotland, according to a report published (12/12) by the Fraser of Allander Institute. FAI followed up on 15/12 with an … [Read more...] about Swinney should use his fiscal powers to the full: Update
Going for growth – or broke?
Last week's ‘fiscal event’ contained some of the most substantial tax policy changes seen in recent decades. Combined with recent announcements on the Energy Price Guarantee and Energy Bill Relief Scheme, this constitutes a huge change in the fiscal outlook. In this context, the decision not to involve the Office for Budget Responsibility (OBR) is irresponsible. It might be … [Read more...] about Going for growth – or broke?
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
Spending Review 2020 and Scotland
The 2020 Spending Review was underpinned by the anticipated ‘scary’ numbers on the UK economy and public finances. The economy will shrink 11% this year and recover only about half that ground next year. Unemployment is forecast to reach 7.5% next year – and potentially higher under a ‘no deal’ Brexit scenario. The pandemic is anticipated to cause permanent damage – with the … [Read more...] about Spending Review 2020 and Scotland
Recovery? what recovery?
The Scottish economy is at a key crossroads in its recovery from the COVID-19 pandemic, with the outlook particularly uncertain, according to our latest Economic Commentary. We point out that whilst a fragile recovery is underway, the economy is still well below levels of activity that we had before the start of the crisis. On the upside, provided that the virus is contained, … [Read more...] about Recovery? what recovery?