Scottish Public Finance Gap Rises to 9.5 Percent of GDP

Scotland’s fiscal deficit stood at about a tenth of its economy in the year to March 2016, hammered by a slump in oil and gas revenues and potentially dampening arguments for Scottish independence.

Scotland’s share of North Sea oil revenues crashed 97 percent to 60 million pounds in the year to March from 1.8 billion pounds a year ago and 8.2 billion ten years earlier.

Data released by the Scottish government on Wednesday showed lower oil prices — which reduce government tax revenues — and higher public spending mean that the country still needs to address how to expand its economy beyond oil, First Minister Nicola Sturgeon said.

Reuters

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