Scotland spends 12 billion more every year than it raises.
And it plans to increase borrowing.
This is where the money comes from - taken from the excellent page http://www.businessforscotland.co.uk/explaining-the-limited-tax-powers-in-the-scotland-act-2012/
Name of Tax Revenue in 2012-2013 % of total income
Income Tax 10,865 20.4%
VAT 9,347 17.6%
National Insurance 8,521 16%
North Sea revenues 5,581 10.5%
Corporation Tax 2,872 5.4%
Fuel duties 2,258 4.2%
Alcohol and tobacco duties 2,108 4%
Council Tax 2,006 3.8%
Non domestic rates 1,981 3.7%
Total of top 9 45,539 85.6%
In 2012-13, total public sector expenditure for the benefit of Scotland by the UK Government, Scottish Government and all other parts of the public sector, plus a per capita share of UK debt interest payments, was £65.2 billion. This is equivalent to 9.3% of total UK public sector expenditure.
Slightly complicated discussions over how North Sea Oil Revenue is distributed - the explanation could be clearer I would say to the Scottish Government as I am not unintelligent yet dont quite get it.
however the summary is clear and worrying too !
"In 2012-13, Scotland’s estimated net fiscal balance was a deficit of £17.6 billion (14.0% of GDP) when excluding North Sea revenue, a deficit of £17.1 billion (13.3% of GDP) when including a per capita share of North Sea revenue or a deficit of £12.1 billion (8.3% of GDP) when a geographical share of North Sea revenue is included."
http://scotland.gov.uk/Publications/2014/03/7888
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