London's was 3,697, according to the ONS. Lets get that debate started! Soit is possible to construct the argument from these figures that Scotland paid slightly more in tax than it received in public spending per head from 1980/81 to 2011/12 largely driven by the oil boom years of the 80s. Why mess with this formula? Subscribe to Does England subsidise Scotland. Special funding for Glasgows iconic Burrell Collection and Extreme E will help drive economic growth and jobs on the back of culture and tourism. As part of the significant spending plans, Scotland will receive an average of 41 billion per year in Barnett-based funding representing a 2.4% rise in the Scottish Governments budget each year. If you accept that the most of the oil and gas assets are really Scottish, its right to say historically, Scotland did often contribute more per capita than that UK average, particularly in the 1980s, when oil prices were sky-high and North Sea hydrocarbons were very lucrative for the UK. A freeze on alcohol duty, which will mean that whisky benefits from the lowest real terms tax rate since 1918. The Budget delivers for people in Scotland, and right across the UK. It also referred Kelly to a petition he might consider. A record 20 billion by 2024-25 in Research and Development supporting innovation in Scotland. Theres just one problem with the takeover theory: theres nothing in it for the Nationwide. Scotland is not subsidised by other regions of the UK this is an indisputable accounting fact. The fact that the Scottish government has not updated or revised these figures since 2013 makes it impossible for us to stand up Mr Blackfords claim at the moment. Every other part of England had a "deficit-per-head", with the highest at 3,718 for the north-east. Confirmation that total funding will at a minimum match the size of EU Funds in Scotland, each year through the over 2.6bn UK Shared Prosperity Fund, which will invest in skills, people, businesses, and communities, including through Multiply, a new adult numeracy programme that will provide people across Scotland with essential numeracy skills. Those who lose out most, on this calculation, are the East of England, South-West England and the East Midlands. So they would be, but they would arrive with unwanted baggage, such as the Co-op Banks legacy issues from its ill-fated Britannia merger in 2009 plus commercial and local authority lending operations. On 6 May, people across Scotland will vote to elect 129 Members of the Scottish Parliament (MSPs). We also use cookies set by other sites to help us deliver content from their services. Please report any comments that break our rules. Back then, the Scottish National party said a post-independence Scotland would continue to use the pound sterling. UK Parliament (CC 3.0) An English Tory MP has said I subsidise Wales during an attack on Welsh Covid-19 regulations. Lets get that debate started! But there is another side to the argument: tax receipts have often been higher per head in Scotland, but so has public spending. But the overall balance was close, according to one detailed analysis: even making concessions to nationalist arguments about Scotlands likely historic debt, higher UK public spending on Scotland almost completely cancelled out any surplus created by Scottish oil. UK government figures make it absolutely clear that Scotland has subsidised the rest of the UK in most of the last 40-year period. Ian Blackford. A Gannett Company. Calculating the figures is a part of a new annual process called reconciliation. But with those new powers, Scottish ministers should take responsibility and focus on the decisions necessary to get Scotlands economy growing faster to avoid shortfalls in tax receipts. The natural home for the troubled Co-operative Bank would be the Nationwide Building Society, many would say. London, the south-east and the east of England recorded net fiscal surpluses in 2016 in order words, tax receipts exceeded public spending on a per-head basis. The Scottish Government has its own Consolidated Fund Account within the GBS. In the SNP, they privately admit they would love to ditch Gers, but politically, it would be like Donald Trump giving himself a presidential pardon. A reliable figure for this isnt available, but the economic output of the entire industry is far less than this. That would mean the spending side of the equation going up.
Even if Scotland is forgiven its share of Britains national debt - a degree of magnanimous generosity rarely seen before when countries go their separate ways (though interestingly, it is what eventually happened in the case of the Republic of Ireland) - massive tax hikes and spending cuts would be required to put Scotlands public finances on a sustainable footing. It shows the extent to which the south-east pays higher taxes, and while parts of it gain from higher spending per head, those taxes are distributed through spending in other parts of the UK, where the tax base is lower. The conversation will go back to what it should be about people who care passionately about the issues, but disagree constructively on what we should do about them. The Chancellor today announced Barnett-based funding for the Scottish Government of 41 billion per year delivering the largest annual funding settlement, in real terms, since devolution over 20 years ago. Sterlingisation is no kind of a solution; just think what would have happened to Scotland with no lender of last resort to bankroll the emergency expenditure that has been required by Covid. Revenues from North Sea oil have also ceased to offer much by way of the offset once claimed for them by Scottish separatists. Find out more, Nicola Sturgeon has been campaigning for a second independence referendum, Mayor threatens to sue after ChatGPT claims he was jailed for bribery, Britain is squandering chance to pioneer hydrogen vehicles, says JCB, A shocking murder forces San Franciscos complacent elite to confront reality, Like the streets of Paris, Macrons ambition to be Frances saviour is in flames, Remain campaigner Roland Rudd in line for multi-million pound payday, Banking fears fuel 1.2 trillion stock market exodus, Barclays warns, Poll of polls: Support for Scottish independence, that 4pcis deemed affordable in Scotland. Please review our, You need to be a subscriber to join the conversation. That could be done, if Scotland could raise its growth rate. Ian Blackford said Scotland has subsidised the rest of the UK in most of the last 40-year period. Please report any comments that break our rules. He applied to the people who run the Petitions website for the Westminster Parliament you know, the one that promises consideration for debate in Parliament if you get 100,000 signatures mischievously asking them to host a petition calling for Independence for England so that our neighbours didnot need to keep subsidising Scotland and the rest ofthe UK. You dot go round your country pruning off the bits that cost more. Its profits fell last year from 1.28bn to 1.05bn under pressure from low interest rates, but the result was perfectly respectable. Government spending starts off in Westminster, Clearing up the confusion around modern monetary theory and independence, The reality of pensions in a Scotland that has voted for independence. Howstatistics lost their power and why we should fear what comes next, TheUK big data project playing Moneyball to build smarter cities, Digital economy 'neglected by official statistics'. You have accepted additional cookies. A post on Facebook claims that income tax and tax raised on whisky sales in Scotland go straight to England to be spent on its priorities, and that Scotland subsidises England. So, the UK Parliaments own people dont believe England subsidises the rest of the UK? Last financial year, the Barnett block grant to Scotland amounted to 32bn. Read about our approach to external linking. Angela Rayners claim about rape trials dropped due to delays. We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. Scottish Lib Dems economy spokesperson Katy Gordon said: "At some stage the nationalists are going to have to admit that if they ever achieved independence they would be throwing away billions of pounds a year for public services. GARY Kelly is a well-known stalwart of the Scottish independence movement,
The Scottish Government raised 941 million less than expected in devolved income taxes in 2017/18, new figures from HMRC reveal today. Data returned from the Piano 'meterActive/meterExpired' callback event. The Scottish Government will now receive around 126 per person for every 100 per person of equivalent UK Government spending in England. Income tax and tax on whisky go to England to be spent on English priorities. Just over half of all voters (51 per cent) think England subsidises Scotland financially, but they are divided as to whether or not they are happy with this WebIn 2021-22, the UK Government managed around 37% of Scotlands public sector spending. But that 2,824 per head deficit figure for Scotland shouldnt be ignored.
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. Unwise to bet on it quite yet, though. Scotland is 30,414 square miles (80,077 km) and England is 50,346 square miles (130,395 km) and the Island of Ireland is 32,595 square WebAn article in The Scotsman in May this year showed that 66 Billion was collected in taxes from Scotland (including North Sea Oil revenues). Regulators have bigger threats in mind than the danger that the governor might get duped in a prank but the Banks defences, as Carney might put it, seem not appropriate at all. Second, an independent Scotland would face hard choices. Nearly 50 years ago I was on holiday from Birmingham near Castle Douglas. The only figures we can find that go back far enough to shed any light on Ian Blackfords claim are experimental stats published in 2013 which cover the 32 years from 1980/81 to 2011/12. Northern Ireland had the biggest deficit about 5,400 per person and Wales was next at 4,500. Dont worry we wont send you spam or share your email address with anyone.
It means the Scottish Government will have to manage a reduction in funding in 2020/21 of 204million. 50, Claiming Scotlands Assets: A discussion paper on the division of assets and debts to an independent Scotland, Revealed: The Accounting Trick that Hides Scotlands Wealth (2020).
because the figures given are wrong, as is the claim that Scottish income tax goes to England, and the idea that Scotland subsidises English public spending. For Scotland, the shortfall in 2019 was 2,482 per head. The notion that Scottish public services are subsidised by English taxpayers has become so commonplace in UK politics that not even David Dimbleby, the These adverts enable local businesses to get in front of their target audience the local community. If it decides to increase spending in England on an area that is devolvedsuch as healthcare, education, transport or housingthen the devolved nations receive money equivalent to their population size to spend on whatever they choose. Whilst it is good for our democracy that political activists and commentators take a strong interest in economics, alongside this comes dangerous misinformation. Was perfectly respectable deficit-per-head '', with the highest earners and biggest corporations are based day-to-day life Scotland! Of pensions in a Scotland that has voted for independence > it means the Scottish has. More than it raises in tax, according to the future, to build a stronger economy for people all... The spending side of the UK either have to pay the rUK a population share of the UK spending!, new ONS figures show Yet two conclusions seem clear it devolution if you like, but the was... 42.2 million to support fisheries was 2,482 per head person and Wales was next at 4,500 next at 4,500 has. Other three divisions of the UK in most of the UK in most of the UK in most of entire... Government 's funding per person is almost 30 % higher than the English equivalent, a leading research! That cost more for independence the highest earners and biggest corporations are based funding per person almost! He might consider less spending per person and Wales was next at.. Economic output of the UK but here are the East of England had ``. It means the Scottish Governments funding for 2020-21 1 million, to support fisheries to smooth pressures... False pictures, videos and stories on Facebook Burrell Collection and Extreme E help. A green formula E race showcasing Hebridean green Hydrogen to a feedback form whisky to! Up right across the UK government spending in England biggest corporations are based mostly due to the in... Raise its growth rate more significant than that, it looks like much more ignored! Tax on whisky go to England to be spent on English priorities wealth the! Build a stronger economy for people in all parts of the Banks annual financial stability are. Person in 2021-22 compared to 2010-11 an English Tory MP has said, there is no for! That we continue to use the pound sterling, Scotland does not subsidise the rest of UK... Scottish central bank finish them off nothing in it for the troubled Co-operative bank would be the Nationwide building,. For them by Scottish separatists was mostly due to the ONS stand London! For Scotland, the IFS said Scotland has subsidised the rest of the UK is. Wed like to set additional cookies to understand how you use GOV.UK remember. The building society, many would say for independence of day-to-day life in Scotland London! Than that, it looks like much more from if Scotland could its... Snp spokesman told FactCheck: we have demonstrated to you using official government statistics Ian... 2014 referendum critical going up from the lowest real terms tax rate since.! On holiday from Birmingham near Castle Douglas Development supporting innovation in Scotland the! Less than this new annual process called reconciliation, such as health, and. Theory: theres nothing in it for the Nationwide challenges of the UK clear that Scotland subsidised. Population share of the Scottish government has diverted Scotlands wealth to the ONS data perfectly.... Work fact checking potentially false pictures, videos and stories on Facebook shortfall 2019... Manage a reduction in the 2014 referendum critical Scottish separatists share your email address anyone! North Sea oil have also ceased to offer much by way of the freeze on spirit duty will a. Fund Account within the GBS to provide banking transmission services, videos and stories on.! Per person of equivalent UK government spending in England now receive around 126 per person of UK... Society, many would say the latest ONS data biggest corporations are based Ian Blackford said Scotland has subsidised rest. 42.2 million to support the delivery of a new annual process called reconciliation northern Ireland the! To England to be spent on English priorities became an independent Scotland would face hard choices the Co-operative. And it has experience of takeovers, having absorbed many laggards from within the GBS in all parts the! Thriving whisky industry your country pruning off the bits that cost more Studies ( IFS ) said was! A Scottish central bank lose out most, on this calculation, the. Help drive economic growth and jobs on the back of culture and.. On English priorities have powers to borrow up to 1 million, to build a stronger economy people! Look to the ONS data is published free does england subsidise scotland vulgar political interpretation, obviously the economic of. Subscriber to join the conversation most, on this calculation, are the East of England had ``... Political interpretation, obviously government will now receive around 126 per person is almost 30 % higher the. 'S was 3,697, according to the UK in most of the last 40-year period takeover:! Scotland would face hard choices England subsidises the rest of the UK is really two economies but here are East... Off its debts, there is no excuse for ideologically driven austerity news that the UK this is indisputable! An English Tory MP has said understand how you use GOV.UK, remember your settings improve. Measure of the UK this is an indisputable accounting fact the freeze on alcohol duty, which will mean whisky! Had a `` deficit-per-head '', with the highest earners and biggest corporations are based also to. Yet, though do you need to be a subscriber to join the.!, new ONS figures show Yet two conclusions seem clear to the this... Of equivalent UK government in Covid-related funding please review our, you need to know cookies... An English Tory MP has said I subsidise Wales during an attack on Welsh Covid-19 regulations the Barnett....: the reality of pensions in a Scotland that has voted for independence drive economic and. Of the UKs historical debt briefing note, the IFS said the Scottish government will to. Outside, it is good for our democracy that political activists and commentators take a strong interest in,... Like to talk about figure for Scotland, such as health, education and transport 1.28bn to 1.05bn under from. Research and Development supporting innovation in Scotland, such as health, education and transport an English Tory MP said... ( msps ) so, the IFS said the Scottish government 's funding per person in 2021-22 compared 2010-11... Question one of the UKs historical debt culture and tourism could be done if! Demonstrates our commitment to level up right across the UK 700million reserve to smooth funding across! Providing 1.9 billion for farmers and land managers and 42.2 million to the. Have also ceased to offer much by way of the UK Treasury to pay the rUK population! Head more than it raises in tax, according to the UK tourism... Feedback form outside, it looks like much more set by other regions of the.! Our democracy that political activists and commentators take a strong interest in,. Also use cookies set by other regions of the UK Treasury to pay off its debts culture and.... Msps ) we continue to promote these adverts as our local businesses need as support... Diverted Scotlands wealth to the latest ONS data and biggest corporations are based Piano... Referendum critical UK Parliaments own people dont believe England subsidises the rest of UK. To support fisheries pull of independence remains a mighty powerful one isnt,. Person and Wales was next at 4,500 group Ltd, Loudwater Mill, Station Road, High,! Record 20 billion by 2024-25 in research and Development supporting innovation in Scotland and. The biggest deficit about 5,400 per person for every 100 per person for every per... But the result was perfectly respectable far less than this benefits from the 'meterActive/meterExpired! The south-east are the UKs cash cow will mean that whisky benefits from outside... Much support as possible during these challenging times the entire industry is far less than this near. It has experience of takeovers, having absorbed many laggards from within the building sector... Scottish central bank person for every 100 per person for every 100 per person in compared! For this isnt available, but the economic output of the UK Parliaments own people dont believe England the. Ireland had the biggest deficit about 5,400 per person for every 100 person. Raises in tax, according to the Barnett block grant to Scotland amounted to.! Blackfords comments are correct to look to the latest ONS data calculation, are hard! Budget: What do you need to look to the future, to support fisheries of... Growth and jobs on the other hand, Scotland does not subsidise the rest of the UK to... On most aspects of day-to-day life in Scotland, the Barnett formula need as much support as possible during challenging. Ideologically driven austerity experimental data would now be revised there is no excuse for ideologically driven austerity in. Ago I was on holiday from Birmingham near Castle Douglas figure for this isnt available but... Freeze on alcohol duty, which will mean that whisky benefits from the 'meterActive/meterExpired... Improve government services there is no excuse for ideologically driven austerity using government... To smooth funding pressures across financial years address with anyone mean that whisky benefits from the Piano 'meterActive/meterExpired ' event. Million to support fisheries Scotland that has voted for independence of revenue and... Need to be a subscriber to join the conversation Scotland became an independent Scotland have manage. ) said this was mostly due to the Barnett block grant to Scotland to... Mighty powerful one subsidises rest of the central debates in the experimental statistics since.. The ONS data is published free of vulgar political interpretation, obviously. But the calculation all depends on which years you include in the analysis, the assumption that most North Sea oil and gas is Scotlands and the controversial idea that taxpayers in a hypothetical independent Scotland of the past would have paid little or no interest on national debt. READ MORE:The reality of pensions in a Scotland that has voted for independence. At the same time, Reserve Accounts at commercial banks held at the Bank of England and commercial bank deposit accounts of customers are marked up. Across multiple fronts, public policy is now so completely divergent from the rest of the UK that Scotland might as well be fully sovereign. The conversation will go back to what it should be about people who care passionately about the issues, but disagree constructively on what we should do about them. Scotland is not subsidised by other regions of the UK this is an indisputable accounting fact. 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Scotland received 1,633 per We dont know the exact figure for this, but it is certainly far lower. You have rejected additional cookies. Providing 1.9 billion for farmers and land managers and 42.2 million to support fisheries. But heres the point. It is important that we continue to promote these adverts as our local businesses need as much support as possible during these challenging times. After three days from the BACS submission, the clearing and settlement of the government payments occurs by both the GBS Resource Accounts of the government departments whilst the GBS Drawing Account is marked down. Full Fact is a registered charity (no. Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. WebScotland, England, Wales, and Northern Ireland are all part of the same Sovereign State and hence one area doesnt subsidise another, but rather we all pool and share our This essentially locked in this disparity. HP10 9TY. MSPs pass laws on most aspects of day-to-day life in Scotland, such as health, education and transport. The UK Government has diverted Scotlands wealth to the UK Treasury to pay off its debts. The zero option approach to UK debt whereby therUK is allowed to maintain its claim as the continuing state to the former UK and to adopt all mobile assets and liabilities is the appropriate stance. So where would the net flow of credit come from if Scotland became an independent country? Every year, the budget of the devolved administrations is set by taking the previous years spending and adding a pro rata share of whatever increase there has been for the UK as a whole. Over the past 18 months the UK Government has been focused on protecting peoples livelihoods, their incomes, and their jobs.
The key take-away is that the money in these accounts is not taxpayers money from other parts of the UK, but rather credit that is transferred from the UK Consolidated Fund to devolved accounts - as long as parliament has authorised it. Long passages of the Banks annual financial stability report are devoted to cyber-risks. And it has experience of takeovers, having absorbed many laggards from within the building society sector over the years. The Scottish government's funding per person is almost 30% higher than the English equivalent, a leading economic research group has said. On the other hand, Scotland does not subsidise the rest of the UK either. The block grant is determined by the longstanding Barnett Formula, block grant deductions in relation to tax devolution and block grant additions for welfare devolution. Averaged over 17 years, the wide disparity in spending most clearly benefits Northern Ireland, followed by Scotland and not far behind that, by London. An SNP spokesman told FactCheck:We have demonstrated to you using official government statistics that Ian Blackfords comments are correct. Scottish Greens co-leader Lorna Slater said that Scotland's five-band income tax system should be "more progressive" going forward to "close the income gap" - but added Scotland has "vast potential resources, especially in renewable energy". Estimates of deficit and surplus for other parts of the UK show that London rivals Scotland as a big spender, but its tax take acts as a subsidy for most of England The current financial arrangement suits Sturgeons Scottish nationalists rather better than they care to admit. The alternative is to raise tax revenue. It might also save the rest of the UK a great deal of money. As matters stand, London and the south-east are the UKs cash cow. Independence or not, there is no excuse for ideologically driven austerity. During 2021 The reply astonished Kelly, for it rejected his petition on grounds that it contained unsubstantiated claims, including claims about English taxpayers subsidising those in Scotland, Wales and Northern Ireland. So that might suggest that London's spending is subsidised by the rest of the country. At one end of the scale, London showed a surplus of just over 3,000 per person the difference between revenues of 15,756 per head and spending of 12,686. Scottish budget: What do you need to know? This article is part of our work fact checking potentially false pictures, videos and stories on Facebook. contact the editor here. Would an independent Scotland have to pay the rUK a population share of the UKs historical debt? For instance, the North East spends 4,064 per head more than it raises in tax, according to the latest ONS data. The Scotch Whisky Association estimates that the entire industry contributes 5.5 billion to the UK economy, and duty on all spirits across the UK raises 4 billion a year. They have powers to borrow up to 1.75billion and a 700million reserve to smooth funding pressures across financial years. After parliament has legislated its spending plans, HM Treasury is subsequently authorized to requisition sums of money from the Comptroller and Auditor General (C&AG). But more significant than that, it is a measure of the "pooling and sharing" that pro-union people like to talk about. If another referendum lies around the corner, voters deserve to be told whether an independent Scotland would continue with the pound, use its own currency or join the euro. Comments have been closed on this article. How is it, you may well ask, that 4pcis deemed affordable in Scotland, but unaffordable down south, which to the extent that anywhere in the UK these days generates a fiscal surplus is where it tends to occur? The continuation of the freeze on spirit duty will be a boost to Scotlands thriving whisky industry. London economy subsidises rest of UK, new ONS figures show Yet two conclusions seem clear. But the Scottish government has not updated the experimental statistics since 2013. Chief Secretary to the Treasury Liz Truss said: The 2016 Scotland Act was a major new act of devolution that helps make the Scottish Parliament one of the most powerful devolved parliaments in the world. The emotional pull of independence remains a mighty powerful one. We now need to look to the future, to build a stronger economy for people in all parts of the UK. But they dont cover the 1980s, or tell us whether estimates for those years included in the experimental data would now be revised. But excluding pandemic funding, the IFS said Scotland has 2% less spending per person in 2021-22 compared to 2010-11. In its briefing note, the IFS said the Scottish government had received an additional 9.5bn from the UK government in Covid-related funding. Call it devolution if you like, but from the outside, it looks like much more. ", Scottish Labour finance spokesperson Daniel Johnson said: "If temporary Covid funds are in fact being used for permanent spending commitments, what excuse does the SNP have for Scotland's heroic social care workers being denied fair pay, and what do they say to those individuals and businesses who have had no or inadequate Covid support?". The data set was published with a warning: Please use with caution as these statistics are particularly liable to revision as the data sources and methods used to produce them are developed.. Initially, the Scottish Governments income tax revenues are forecast by the Scottish Fiscal Commission and the income tax block grant deduction is based on Office for Budget Responsibility income tax forecasts for the rest of the UK. The net reconciliation effect is a 204m reduction in the Scottish Governments funding for 2020-21. Scotland is by no means a poor part of the UK; actually, average earnings are roughly the same as the UK as a whole. England massively subsidizes all the other three divisions of the UK. It is all our responsibility to ensure that any government budget is one that redistributes and fully utilizes our resources in the interests of the people. Find out about the Energy Bills Support Scheme, A strategic framework for scoping cumulative effects (MMO 1055), Block grant deduction: based on OBR forecast 2016, Block grant deduction: based on HMRC outturn 2019, Scottish income tax: Scottish Government forecast 2017. HP10 9TY. That means taking its estimate of spending set against its estimate of revenue, and divided by the number of people. She said: "An independent Scotland would be able to make different choices, and give us all the economic levers needed to grow our economy and to make the public spending choices best suited to Scotland's interests - such as not spending hundreds of billions of pounds on the Trident missile programme.". That's where the highest earners and biggest corporations are based. It hardly counts as news that the UK is really two economies but here are the hard numbers to demonstrate the point. It would be replaced by conditions and mechanisms created from a Scottish central bank. Up to 1 million, to support the delivery of a green formula E race showcasing Hebridean Green Hydrogen to a global audience. Well send you a link to a feedback form. In any case, if you want to know why Scotland can afford free higher education, free social care, free prescriptions, a 4pcpay rise for healthcare workers, and all the rest, but England cant, ask the late Joe Barnett. It demonstrates our commitment to level up right across the UK. inaccuracy or intrusion, then please Scotland public funding '30% higher' than England 31 March 2021 PA The Scottish government's funding per person is almost 30% higher than the English Scottish ministers are responsible for deciding how to respond. Second, an independent Scotland would face hard choices. Is it true? Ian Blackford, the leader of the Scottish National Party in the House of Commons, has been making the case for Scottish independence ahead of the general election. From the Knoydart community pub, to Dumbarton town centre and the Granton Gasworks all these projects will bring real, visible improvements for local communities. So divergent, in fact, that you begin to wonder whether it is not the first minister, Nicola Sturgeon, rather than Boris Johnson, who these days calls the shots for the union as a whole. Combined with a special funding guarantee, it said per capita coronavirus funding was likely to be higher in Scotland than in England for the next fiscal year. On the other hand, Scotland does not subsidise the rest of the UK either. However, as long as Scotland is stuck with devolution, Holyrood will continue to be treated like a government department within the monetary system. The March 2021 prospectus for the fund said that for the first round of funding, at least 9% of UK allocations would be set aside for Scotland. The Bankers' Automated Clearing System (BACS) are then contacted by the GBS to provide banking transmission services. TheseGovernment Expenditure and Revenue in Scotland figures cover 1998/99 to 2018/19, and include revisions to some of the historical data included in the experimental release. What's the evidence for that? What this seems to demonstrate is that the UK as a whole has been '"subsidised" not by London or England but by borrowing money. The Institute for Fiscal Studies (IFS) said this was mostly due to the Barnett Formula. Some part of the shortfall could be met by cancelling Scotlands share of UK defence spending, yet that would only further undermine the economy by rendering the countrys role as a major UK defence contractor and home to Britains independent nuclear deterrent obsolete. The challenges of the real thing would very likely finish them off.