The latest annual GERS figures show that Scotland’s ‘Union dividend’ is worth over £1,500 for every single person in the country.
The figure, which combines the net value of Scotland’s spending and revenue compared to the UK as a whole, stood at £1,521 in the 2022/23 GERS report.
Scotland’s notional deficit stands at £19 billion, equivalent to 9 per cent of its GDP. That is almost twice as high as the UK’s net fiscal balance which stands at 5.2 per cent of GDP.
The report also shows that Scotland’s improving revenue position is being driven by the oil and gas sector.
Shadow finance secretary Liz Smith says the GERS figures “wholly reaffirm” that the North Sea oil and gas sector will continue to play a vital role in Scotland’s economy for years to come and says it is astonishing that every other political party has “turned their backs” on the sector.
She added that the report once again demonstrates the benefits Scotland gets from being part of a strong United Kingdom and that the SNP have “squandered” a record funding settlement from the UK Government.
Scottish Conservative shadow finance and local government secretary Liz Smith MSP, said: “These annual figures once again highlight the benefits Scots get from being part of a strong United Kingdom.
“Every single person in the country is £1,521 better off because we are part of the United Kingdom.
“As we continue to tackle the global cost-of-living crisis, it is the strength and security of being part of the Union that is helping to support people and communities through these challenging times.
“The figures also wholly reaffirm the case for ensuring our oil and gas sector continuing to play a key role in Scotland’s economy for years to come. That has helped to drive an improved position in Scotland’s revenues.
“That is why it is astonishing that every other political party – including the SNP-Green coalition and Keir Starmer’s Labour Party - have turned their backs on the industry. It is only the Scottish Conservatives who are standing up for the highly-skilled workforce and recognising the importance of the sector to Scotland’s finances.
“With public spending at its highest ever level, it is also clear that the SNP have squandered the record funding settlement delivered from the UK Government.”