Some initial thoughts on 2024 Gers figures. By Malachi Malagrowther
From https://www.gov.scot/publications/government-expenditure-revenue-scotland-gers-2023-24/ you will note that we are debited £8.352 billion expenditure for Reserved (UK) public sector debt interest plus £4.642 billion as our geographic share of UK defence expenditure. It is interesting to compare these figures with Ireland’s latest budget.
The Irish Government have committed to increase the Defence budget from €1.1 billion to €1.5 billion, by 2028, in order to fully implement the Action Plan. So, Scotland is charged three times as much under Gers
On Public Sector Debt, the “ballpark” figure was provided by Department of Finance chief economist John McCarthy, who said the interest bill for the €223 billion national debt will be £2.9 billion in 2023 which equals £2.49 billion in UK pounds therefore Scotland is charged almost £6 billion more due to UK’s financial incompetence.
On the income side, our oil & gas revenues halved from £8 billion to £4 billion in 2023/24. Meanwhile in Norway: https://www.norskpetroleum.no/en/economy/governments-revenues/
The expected net government cash flow from petroleum activities (billion NOK, nominal values)
| 2023 | 2024 | |
| Taxes | 614,4 | 406,4 |
| Environmental taxes and area fees | 8,8 | 9,4 |
| Net cash flow from SDFI | 276,5 | 193,5 |
| Equinor dividend | 78,3 | 63,4 |
| Net government cashflow | 978 | 672,7 |
(Source: Ministry of Finance, the Revised National Budget 2024)
406.4 billion NOK equals 29.66 billion UK pounds. This is just from direct taxation, and doesn’t include the contribution from Norway’s Sovereign Wealth fund or from the state owned Equinor’s profits. Compare this with the £4 billion attributed to Scotland under GERS from our part of the North Sea.
Talking-up Scotland 'Albatraz' 
There’s something wrong with that link to the GERS figures – clicking on it brings up a ‘404 – not found’ message.
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This should work.
https://www.gov.scot/publications/government-expenditure-revenue-scotland-gers-2023-24/
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Thanks – now I can try to make sense of that rather incredible stat regarding our share of the national debt interest.
I felt sure it had to be a misprint…
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Scotland the only oil producing country in the world to get poorer
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Unfortunately, not! Several African countries have had their oil asset stripped away.
Of course, since ‘we are all one country’ and Scotland and Wales persist only as romantic fantasies, ‘we’ have not got poorer because HM Treasury got the money and it of course does as is bid by political party donors and ensures that the global oil and gas company owners get the lion’s share.
The fact that Scotland has not benefitted significantly from oil and gas is that ‘we are not genetically programmed’ to run things for ourselves, so it is managed by Westminster who pass on any debts to Scotland. This is called ‘pooling and sharing’ as Bodger Broon continually tells us when he reads fairy stories to us infants.
Alasdair Macdonald
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Probably also some Latin American countries as well, it’s why they are awash with drugs and poverty and sanctioned by rich countries when they dare to vote in a left wing government, not ones that are placed there by the US et al.
Look at what’s happening with Venezuela right now it’s very concerning indeed, they have the largest oil reserves in the world apparently and the rich powerful countries ain’t gonna let them keep that and massive revenues from it. Venezuela is already sanctioned by Europe and the US much to the detriment of their economy and people.
This is a must watch for anyone interested in economies, politics and history, long but VERY interesting indeed.
Hope ok to share..
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Thanks ArtyHetty for the Michael Hudson video link; I was captivated, the easy way he traverses human history to illustrate his point, what a mind he has. The cautionary note didn’t miss me either.
I’d come across Prof. M Hudson the odd time, when I’ve been reading up on MMT, when he was quoted, but only that.
Long video, yes, but I found it to be worth every minute.
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Absolutley, an amazing economy expert, and I found the history really interesting.
I suspect there’s much more to know about it all too, the disturbing part is not much has changed ina long long time in terms of oligarchy systems and faux democracy.
Michael Hudson is 85, his words should be taken as warning, I sent it to MSP Kate Forbes! 😉
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I hope she, Kate, takes heed. Pertinent to the video, I asked several times, in regards to the new Freeports, who holds the debt. Prof. Hudson I think refers to it as the creditors.
We are on the cusp of a bowel clenching time.
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Trident, illegal wars, redundant weaponry, tax evasion. UK taxes not enforced. Brexit. Scotland paying more for fuel and energy despite being in surplus and nearer the source. 180,000 Defence personnel. 10,000 based in Scotland. 8,000 short.
£13Billion a year decommissioning nuclear. £130Billion over ten years. Flying waste all around the world. Westminster spent £270Billion over two years funding Covid. £Billions wasted on PPE not fit for purpose and loans not paid back. Unscrutinised public contracts. HS2 and Hickley Point a total waste of public monies, Scotland pays for all that. Westminster poor bad decisions Wasting Scottish taxpayers monies which could be better spent.
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”Let’s put GERS to bed once and for all”….Richard Murphy…..https://www.youtube.com/watch?v=i-efXEzzgjQ
JB
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Richard Murphy….https://www.youtube.com/watch?v=i-efXEzzgj……”let’s put GETS to bed once and for all”
JB
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Sorry I posted it twice!!!
JB
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it’s alright, it was nonsense both times, so double the comedic value
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And there we are…..spoken like a true unionist……GERS is a unionist ploy to show Scotland in negative……to show we can’t afford to be Independent……a set of estimates used by unionist parties run from wastemonster to feed us through their media untruths about Scotlands finances……does anyone in Scotland actually believe this juggle of figures….especially when they leave out oil, gas and renewables….especially renewables….the proof is not in their estimates.
JB
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