My original posting was to show the Westminster Government's belief that Scotland was extinguished and joined a greater England under a new name, I.e. the UK. However please find below some answers as the financial position of Scotland.


Surplus finance fourth year in a row
23/06/2010

Scotland's public finances are in a healthy position, with the country generating more income than it spends even in a period of recession, official statistics published today show. This is the fourth year in a row that Scotland has generated a current budget surplus, compared to a UK-wide deficit over the same period.

The latest Government Expenditure and Revenue Scotland (GERS) report for 2008-09 includes a share of the UK Government's Financial Sector Interventions to support the banking sector.

Even with that spending factored in, Scotland's financial position in 2008-09 was a current budget surplus of £1.3 billion, or 0.9 per cent of GDP, including a geographical share of North Sea revenues. At the same time, the UK was in current budget deficit of £48.9 billion, or 3.4 per cent of GDP, including 100 per cent of North Sea revenues.

GERS also estimates Scotland's net fiscal balance - which factors in capital and infrastructure investment for the nation's long term benefit. On this measure Scotland had a deficit of £3.8 billion or 2.6 per cent of GDP. In comparison, the UK's deficit was substantially greater, standing at £96.1 billion or 6.7 per cent of GDP.

Across the OECD as a whole, the average net fiscal balance was 3.3 per cent of GDP in 2008. In other words, GERS shows Scotland in a stronger fiscal position than the average of the major developed economies, as well as the United Kingdom.

The cumulative value of Scotland's current budget surplus over the four year period from 2005-06 to 2008-09 now stands at some £3.5 billion. Over this same period, the UK built up a deficit of £72.3 billion.

Welcoming the report, Finance Secretary John Swinney said:

"This is an extremely positive report - demonstrating beyond any doubt that Scotland is in a far stronger financial position than the UK as a whole, as well as the OECD average.

"In 2008-09, Scotland generated a current budget surplus of £1.3 billion, or 0.9 per cent of GDP, compared to a deficit for the UK of £48.9 billion, or 3.4 per cent of GDP.

"This is the fourth year in a row to record a Scottish current budget surplus - even as the UK moved into recession - and the cumulative value of Scotland's surplus since 2005-06 now stands at some £3.5 billion, compared to a UK deficit over the same period of £72.3 billion.