1942 was a long time ago. Jo can say anything she likes. It makes no difference, she will not be PM. If she gets into a coalition with the Tories, she will probably (just like last time) do what ever the Tories tell her to do.
Are you by chance talking about the SNP Finm? Scotland ran a deficit seven times higher than the UK as a whole last year, despite again cutting its overspend on public services. The latest Government Expenditure and Revenue Scotland (Gers) figures showed there was a record gap of nearly £2,000 per person between how much was spent on public services and debt repayment, and total tax revenues for 2018-19. Scotland’s notional deficit stood at £12.6bn or 7% of GDP, including North Sea oil revenues, compared with the UK’s total £23.5bn deficit, which includes Scotland’s figure. The UK deficit is equivalent to 1.1% of its GDP.
But the SNP Finance Secretary accepts the GERS figures? Opposition parties said the data blew a hole in the financial case for leaving the UK. But Derek Mackay, the Scottish finance secretary, said it proved independence was needed to allow Scotland to control its own economic policies. “I recognise that the notional deficit isn’t where we would want it to be,” Mackay said, but argued that Gers showed onshore tax income, excluding oil revenues, was up 5.1%, while employment was at record levels. “Revenues are growing faster than expenditure,” he added. Mackay confirmed that the Gers data, which covers all UK and Scottish government spending in Scotland and a share of pan-UK spending on areas such as defence, overseas aid and debt reduction, was an accurate assessment of the country’s fiscal position last year. OK, take a look at the FT article instead: https://www.ft.com/content/ba6e1432-88cc-11e9-a028-86cea8523dc2#comments-anchor The prospect of McDonnell and the SNP working together, is hardly a fiscal marriage made in heaven, but Finm may have greater insight.....
teehee. i'v been waiting for this. can you explain how a country with no borrowing powers runs up a deficit? we give you 30bill a year to run our reserved affairs, any tax, (income, NI, VAT ect) collected on that 30 bill goes on to englands figures, englands figures vary from Yorkshire to London. the gers figures assume because we are 8-9% of the population, we are responsible for 8-9% of money raised from the oil ect. and 8-9% of the uk's spend and servicing the uk's debt. how much influence did have over projects deemed to be "uk infrastructure" projects? did we chose to pay for cross rail? HS2? trident? foreign military adventures, tax and spend policy? we have a Debit card, the uk takes on a credit card with our name on it. was the new queensferry crossing along with many others, deemed a "national infrastructure" project? we have been over the GERS methodology a thousand times. 60bil in, 30 bil back. how many times do you need to explained to you? keep saying the same things with the same misunderstanding of what the GERS figures are. after so many times, to repeat the con makes you part of the con.
As stated above; the SNP Finance Minister accepts these figures? I don't have time to analyse your statement but here is one example of mismanagement: https://www.heraldscotland.com/news/17929733.snp-ministers-lose-public-110m-bad-loans-investments/ SNP ministers have been forced to write off almost than £135m of taxpayer loans and investments used to prop up failing companies. The Scottish Government’s consolidated accounts for 2018/19 show massive write-offs for the Ferguson Marine shipyard, Prestwick Airport and BiFab engineering. Opposition parties said the Government was used taxpayer money "like gambling chips". In a statement on the accounts, Mr Mackay failed to mention the write-offs. Tory MSP Murdo Fraser said: "The Scottish Government complains endlessly that they don’t have enough money to spend and blames the UK Government at every turn. “Now we learn that £135m has just had to be written off due to failed investments. “This is a staggering waste of public money which is entirely in keeping with Derek Mackay's total failure to manage Scotland’s public finances. “He is, quite simply, out of his depth."
every country that left the "protection" of the UK was deemed to be drain on the UK's resources, india being one of the worst. all the while an estimated 40trill was taken from them. not one has turned back, pretty much all have prospered. of course he accepts them. he cant refuse to. those are the figures he has to work to. uk figures compiled by the Scottish civil service using uk gers methodology. they are scotlands position in the UK using UK policies, almost all fiscal decisions made in Westminster to benefit the S/E banking and finance business model. interesting use of "wright off's. normally they are called assets. hmm. unless yer telling me fergusons, Prestwick airport bi fab are worth nothing to our economy.
The debt is a consequence of defecits, as I’m sure you are also aware. It may be politically useful to Labour to point out that the debt is getting bigger, but that’s because of interest on the huge borrowing by Labour. Yes, the Conservatives have had ten years to “fix” Labour’s defecits, but that illustrates the spectacular nature of Labour’s overspend. On a personal level, if you borrow £100k over 25 years, don’t be surprised that it hasn’t been paid off in ten! We’ve previously discussed PFIs which Gordon Brown loved as a way of dispensing largesse that we couldn’t afford by putting it on the “Never Never”. Labour then expected the next Government to pay for their profligacy whilst pretending the austerity was not of their doing. it’s also useful to point out that the annual budget has been balanced so that now allows spend to be increased moderately. This is the “End of Austerity” aka getting the annual budget back into surplus.
Gers is one of those funny things where the scots nats say, boohoo all our money is being spent on things we do not want (whilst forgetting they are not a separate country) then they runaround say hey fuck the U.K. we are minted we can manage on our own. All of this whilst ignoring if they went independent and then joined the eu, the eu would also take scots money as part of the eu empire and spend it on what the eu needs to spend it on and not always what the scot nats want it spent on The illusion this would be any different as a small nation in the eu rather than 1 of 4 in the U.K. is the lie the snp continue to peddle, hoping no one notices till it's too late
So, for completeness, what’s the current interest rate on this National Debt, what’s the effective interest rate when adjusted for inflation, and how does that compare with growth of the UK economy? Or to put it another way, is it becoming more or less affordable?
Yes, "worth nothing to our economy" just about covers it! Two loans totalling £45m given to Ferguson Marine in Port Glasgow were reduced to “nil” at the end of the financial year after it went into administration in August. The spending watchdog Audit Scotland said the Government had "impaired the value of its loans to zero... reflecting its view that the loans were unlikely to be repaid given Ferguson Marine's challenging financial position". The yard is currently under public control and in search of a commercial buyer, but may be nationalised. The government also wrote off £33m of the £39.9m it had loaned to Prestwick Airport since taking it over four years ago. The airport is also up for sale. An equity stake in the Fife construction firm BiFab that cost the public purse £37.4m was reduced in value to just £2m because of expected losses. A £21.4m arrangement providing financial guarantees to Lochaber Aluminium Smelter was also reduced to nil to reflect new accounting standards.
gers is one of those less than funny things where the English have been led to beleive everybody else is to blame. but ok, try an English economist. http://www.taxresearch.org.uk/Blog/...always-says-the-scottish-deficit-is-so-large/
god in heven, quoting murdo. do you know who he is and how he got there? bud, on this subject you are beyond saving. just keep doing what yer doing in rUK. its working so well.
