Discover and read the best of Twitter Threads about #GERS

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One of the huge flaws in the annual #GERS figures is that spending is "allocated" to Scotland for "National Infrastructure Projects". These include the London sewer upgrade and HS2 Rail, neither of which benefit Scotland in any way. Don't even get me started on energy... 1/
Scotland is a net exporter of energy, we produce more than we use. Where does this go? Directly to England. Is there a monetary figure attached to this and included within the GERS calculations? Of course not. The UK, by contrast imports £ Billions worth of energy every year. 2/
A House of Commons Library briefing, available at bit.ly/2Zj9WqX says "In 2017 the value of gross imports of energy of £45 billion, or £18 billion more than gross exports." ie exports totalled £27 Billion. On independence, Scotland would be largest energy exporter to UK.
Read 11 tweets
With record tax revenues, strong economic growth and near record low unemployment, Scotland’s economy and public finances are strong. Today’s figures show overall revenue in Scotland reached £62.7 billion – exceeding £60 billion for the first time.
Our notional deficit has fallen while public spending has increased thanks to our efforts to grow the onshore economy and the strong performance of progressive taxes in Scotland.
This strong performance from Scotland’s economy is at risk as a result of the UK Government’s EU exit plans, and in particular a ‘no-deal’ Brexit, which poses a severe threat to jobs, investment and living standards
Read 7 tweets
#GERS Updated 2018/19 gov.scot/publications/g… - These figures don't show how we'd perform separated from our Union. However, unless we radically changed spending priorities (make huge cuts), nothing would change. Set up & inherited debt costs would obviously increase the deficit.
Here's the Expenditure & Income profile, where would an iScot SNP run first @ScotGov make any major changes to either profile? What could they (significantly) cut? If no cuts, where would the additional income come from?
Here's the level of Expenditure & Income ScotGov (following the Scotland Act 2016 - 'The Vow' delivered) we currently control. Westminster (our UK Parliament) spends on our essentials, things we cant cut, pretending the spending profiles will change once separated is hypocrisy.
Read 7 tweets
🏴󠁧󠁢󠁳󠁣󠁴󠁿 #GERS: Scotland’s notional deficit is falling faster than the UK’s, with onshore revenues increasing by 5.1% to reach £61.3 billion in 2018-19 as a result of continued economic growth.
📈 #GERS: Scotland benefitted from a £3 billion increase in onshore revenues in the last year – the fastest growth since 2010-11 as the overall notional deficit fell by £1.1 billion to 7.0% of GDP, down from 8%, in 2018-19.
📉 #GERS: Scotland’s deficit is falling faster than the UK's due to Scotland’s better economic performance (1.1% compared to 0.9%).
Read 5 tweets
📈 Onshore tax revenue grew by £2.0 billion and the deficit on day-to-day spending (current budget balance) improved by £1.1 billion.

🌊 Scottish North Sea revenue increased from £266 million in 2016-17 to £1.3 billion in 2017-18.

#GERS
🏴󠁧󠁢󠁳󠁣󠁴󠁿 Latest economic data points to an improving picture in Scotland. Our economy is growing twice as fast as the UK, unemployment remains close to its record low and confidence is returning to the oil sector.

#GERS
🏃‍♀️ Scotland’s economy grew 0.4% in 2018 Q1, faster than the UK (0.2%). And over the past 12 months, Scotland’s economy has grown 1.3% (UK 1.2%).

📦 Scottish exports of goods increased 12% over the past year – the fastest rate of growth of any nation in the UK.

#GERS
Read 3 tweets

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