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Scottish Public Spending Deficit Grows as Oil Revenue Drops Again
North Sea oil and gas revenues fell by £0.8 billion, while public spending rose 5.5%, pushing Scotland’s budget deficit to £26.5 billion in 2024-25, officials said.
- The most recent figures from Government Expenditure and Revenue Scotland show that Scotland’s public sector deficit has increased to £26.5 billion for 2024-25, amounting to 11.7% of the nation’s GDP.
- This worsening deficit reflects a fall in North Sea oil revenue to £4.1 billion, down from £4.9 billion the previous year, despite a 1.5% growth in Scottish revenue overall.
- Total public spending in Scotland increased to £117.6 billion, driven mainly by a £6.1 billion rise in health and social protection measures, with spending per person estimated at £21,192.
- Scottish Finance Secretary Shona Robison emphasized that the statistics are based on Scotland’s status within the UK and do not represent an independent Scotland’s finances. She also noted that Scotland enjoys higher revenue per capita than most other UK regions.
- The report implies continued fiscal challenges for Scotland under UK devolution, while supporters of independence argue it limits the country’s ability to make different economic choices.
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Evening Standard+4 Reposted by 4 other sources
Scotland’s deficit grows by £5.1bn, Gers figures show
The report said ‘public finances in Scotland weakening, as expenditure grew faster than revenue’.
·London, United Kingdom
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GERS: deficit widens due to higher devolved spending
The estimates of Scotland’s net fiscal balance are out for 2024-25. As we previewed on Friday, there was deterioration of the fiscal balance, which is unsurprising given that the UK’s fiscal balance worsened during that year as well. Scotland’s estimated net fiscal balance was estimated to have been -£26 billion, or -12% of GDP, when including a geographical share of North Sea revenues and economic activity. Chart 1: Scotland’s net fiscal balanc…
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Leaning Left4Leaning Right1Center2Last UpdatedBias Distribution57% Left
Bias Distribution
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57% Left
L 57%
C 29%
14%
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