Scotland's public spending deficit rises

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Scottish public spending deficit increases

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Gers figures: Public spending deficit rises as oil revenues fall

Summary

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75% Informative

Scotland 's public spending deficit increased by 3.6bn to 22.7bn last year .

North Sea oil and gas revenues in 2023-24 dropped by 4bn to 4bn .

Public spending increased to 111.2bn , up from 104.9bn in 2022-23 .

Spending per person in Scotland was 2,417 higher than UK figure of 18,001 .

It fell back to 4bn in the most recent figures. That explains most of the increase in notional deficit in the past two years . The future path of oil and gas revenue remains uncertain. Another surge in global prices will bring more profit and tax revenue. But we may not see tax revenues like this again. There's an underlying downward trend in production, as North Sea fields mature. That downward trend is likely to accelerate if the Labour government in Westminster discourages further drilling with a higher windfall tax, reduced investment allowances, and no further licences..

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Informative language

Neutral language

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formal

Language

English

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not offensive

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not hateful