North Sea Oil Revenue Soars to £1.3bn, GERS Figures Show
Scottish North Sea oil revenue rose by more than £1bn last year, according to Scottish Government figures.
The latest Government Expenditure and Revenue Scotland (GERS) statistics show a rise from £266m in 2016/17 to £1.3bn in 2017/18.
Meanwhile, onshore tax take increased by £2bn, taking total revenue to £60bn.
The figures also show Scotland’s deficit fell to £13.4bn in 2017/18 when a geographic share of North Sea revenues is allocated to Scotland.
The figure amounts to 7.9% of Scottish GDP, compared with the overall UK deficit of £39bn – 1.9% of GDP.First Minister Nicola Sturgeon said: “On the back of continued economic growth and rising revenue, Scotland’s deficit fell again in 2017/18.
“Looking at the wider economic picture, these figures – along with recent labour market stats, labour productivity and GDP figures – show that Scotland is on the right trajectory.
“It also demonstrates that our commitment to sustainable economic growth is the right one and we will continue to stimulate our economy in this way to reduce the deficit.”
The First Minister said Brexit is the “biggest threat” to Scotland’s economic progress.
“It is essential that the UK Government commits to remaining in the single market and the Customs Union to minimise the potential damage,” she said.
The Scottish Conservative shadow finance secretary Murdo Fraser on Wednesday urged Sturgeon to drop plans for a second independence referendum
“If Nicola Sturgeon wants to continue her threat of second referendum, she has to come out and explain where she would find £13bn to fill this deficit,” he said.
“Assuming that can’t be done, the prospect of another divisive and unwelcome vote must be removed for good so Scotland can focus on what really matters.
“Yet again, the union dividend has been made clear.
“By being part of the UK, Scotland received an extra £1576 for every man, woman and child last year above the UK average. For a family of four, that’s more than £6000 in additional public spending.
“If Scotland was to be ripped out the UK, this spending would be slashed drastically, meaning schools, hospitals and infrastructure would be hit.”
Meanwhile, Scottish Greens economy spokesman Patrick Harvie said Scotland’s economy is “too focused” on fossil fuels.
“While other parties use this annual publication as justification for how Scotland couldn’t be a successful independent country – or how great the SNP government thinks it is – they would do well to remember that both our prosperity and our climate depends on moving to a clean economy,” he added.
Source: stv.tv
