Scotland’s deficit grows to £22.7bn amid falling North Sea revenue
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Scotland’s net fiscal balance has deteriorated, with the deficit growing to £22.7 billion, or 10.4% of GDP, in the 2023-24 financial year.
This downturn is influenced by a reduction in North Sea revenue, coupled with public spending that has grown more rapidly than onshore revenue.
Total public sector revenue for Scotland was £88.5bn. When considered on a per-person basis, revenue in Scotland stood at £16,254, which is £60 higher than the UK average. However, this was outpaced by public spending.
Total public expenditure for Scotland reached £111.2bn. This represents an increase in spending, largely driven by higher expenditure on social protection and health. Public spending per person in Scotland was £20,418, which is £2,417 higher than the UK average. For comparison, the UK’s overall net fiscal deficit was 5.1% of GDP.
The full figures are available here.
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