Sunday, July 13

Politics

Scotland’s deficit falls as North Sea oil and fuel revenues attain file £9.4bn
Politics

Scotland’s deficit falls as North Sea oil and fuel revenues attain file £9.4bn

Scotland's funds are "improving at a faster rate" than the UK as a complete, a key ally of First Minister Humza Yousaf has insisted, regardless of new figures exhibiting spending north of the border continues to exceed the quantity raised in income.Public spending in Scotland amounted to £106.6bn in 2022-23 - up by £9.3bn (9.5%) on the earlier 12 months. The quantity raised in taxes additionally rose to an estimated £87.5bn, together with a file £9.4bn in North Sea revenues.This elevated from £2.4bn in 2021-22 following the introduction of the UK authorities's vitality income levy - a windfall tax on the oil and fuel business.Total income for Scotland elevated by £15bn (20.7%), which compares to progress of 11.3% for the UK as a complete. As properly because the rise in North...