Thoughts from an active pensioner who is now somewhat past his Biblical "Use-by date"

"Why just be difficult, when with a little more effort you can be bloody impossible?"

Wednesday, 17 July 2013

Independent Scotland's Budget

Independent Scotland's budget predictions were based upon  the revenue income from North Sea oil. There have always been discussions about where to draw the sea boundary between England and Scotland, as the Scots like to think it would be drawn due east from the border, just north of Berwick. This is not in conformity with accepted international law which requires sea boarders to follow the general line of the adjoining land border, and that of course runs in a more north-easterly direction from Carlisle to Berwick.
However it now seems that this doesn't matter, as the Office of Budget Responsibility suggest North Sea tax revenues are on a downward trend, having fallen from 0.7% of GDP to 0.4% this year, a very significant decrease.
The Treasury, according to the Telegraph, calculates that this would leave a massive gap in an independent Scotland's finances and thus Scotland would be financially better off remaining in the Union.
There are two sides to this argument, if Scotland is better off, England (and possibly Wales) will be worse off, as a result of having to fill the shortfall in Scotland's finances.

And there are those who ask me why I am a strong supporter of Scottish Independence!

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