Friday, June 19, 2009

A COUNTRY IN SURPLUS

http://www.flickr.com/photos/lucagorlero/1785657200/

Newspaper editors in Scotland tend to be traitors?

Here is one typical headline from a Scottish newspaper:

"North Sea oil would not keep Scotland out of the red claim."

But what is the truth?

According to the Government Expenditure and Revenues in Scotland (Gers) report:

Scotland's public finances are in surplus for the third year in a row, if North Sea oil revenues are taken into account.

Scotland would prosper says report

Scotland was £219m in surplus for 2007-8.

Scotland's Finance Secretary John Swinney said:

"Scotland has been in current budget surplus now for three years, to the tune of almost £2.3bn.

"The Gers figures confirm that Scotland stands on a firm financial footing - firmer than the UK as a whole - and that full fiscal autonomy and independence hold out the prospect of a flourishing and economically successful Scotland.

"To illustrate, in family budget terms, Scotland's current account is in surplus, while the UK is in overdraft.

"This represents the reality of Scotland's budget position, based on the official figures.

"The figures show more than £7bn of North Sea revenue from Scottish waters flowing into the UK Treasury in the last financial year and that figure is likely to be some £12bn next year emphasising the strength of Scotland's fiscal position."

The London Government is forecasting net borrowing of £175bn in the current 2009/10 financial year – but economists believe even this unprecedented sum could prove an undershoot.

(UK borrowing reaches record in May as the red ink gets deeper)

Oil rises towards $72 on economic hopes





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