“As these are devolved matters, the Scottish Government receives this funding but is under no obligation to match the policies announced by Westminster. For example, the retail, hospitality and leisure relief is a repeat of the measure for 2023-24, which the Scottish Government decided not to pass on and spent elsewhere. So this is one to watch out for at next month’s Scottish Budget.”
An extra band of income tax at the higher rate charged on good earners would raise money for the Scottish exchequer but less than anticipated…
Humza Yousaf’s first programme for Government kicks several big fiscal and other policy issues into the long grass.So, do we have to wait till the Scottsh Budget likely on December 14?
“The idea of permanent zero rates is far outside the mainstream of economic thinking. But perhaps (Joan) Robinson was right to suggest it as a viable compromise between capitalism and more radical alternatives: rewarding entrepreneurship without compounding inequality or incentivising the unsustainable use of resources. At a time like this, it’s an old idea well worth considering.”
The Fiscal Framework behind the Scottish Budget has finally been updated, giving the Scottish Government greater leeway when it comes to tax and spend poli
“a revaluation is necessary. Indeed, it should be a prerequisite…To continue without revaluation is deeply unfair and to take forward reforms without a revaluation just rubs salt into the wounds.”
“under current Scottish and UK fiscal policies, if public services in Scotland are to continue to be delivered as they are today, Scottish Government spending over the next 50 years will exceed the estimated funding available by an average of 1.7% each year.”
“The £320 million of money coming to Scotland mentioned in the Chancellor’s speech is for 2023-24 and 2024-25, but that’s all we’ve been told. Given that these figures will have been worked out in advance, there is surely no reason why these figures can’t be released in full at the same time as the rest of the Budget documents.”
“For all the talk of the pandemic (somehow) boosting worker power, it looks more likely to deliver the third real wage squeeze in a decade, and to leave workers substantially worse off than they would have been otherwise. By the end of 2024, average earnings are set to be £740 a year lower than they would have been if even the sluggish wage growth prior to the pandemic had continued.”
As UK inflation hits a 10-year high of 5.1%, a leading Scottish economist asks why global prices are rising so fast – and what central banks must now do.