LEADING THINK TANK ADVOCATES GREATER SCOTTISH FINANCIAL INDEPENDENCE

LEADING THINK TANK ADVOCATES GREATER SCOTTISH FINANCIAL INDEPENDENCE

SNP MSP Joe FitzPatrick – a member of the Scottish Parliament’s Finance Committee - has welcomed a report by the influential think tank Reform Scotland which concludes that the global recession has strengthened the case for Holyrood to be given greater financial independence.

The report published today states:

"If additional fiscal powers are to have a real impact on the governance of Scotland and on the performance of the Scottish economy, they must be of a scale that is great enough to address the fundamental defect of the current devolution settlement - its lack of financial accountability.

"This can be achieved within the context of the UK if both the UK and Scottish Governments are given responsibility for raising the taxes required to fund their spending proposals."

Today's report by economist Graeme Blackett and law and tax expert James Aitken updates the paper they published last year entitled Fiscal Powers.

Commenting, Mr FitzPatrick said:

"This is an extremely welcome publication from experts in the field recommending fiscal autonomy for Scotland.

“With the UK parties advocating cuts it makes it essential that Scotland is responsible for all tax and spending, including North Sea revenues.

“The latest GERS report shows Scotland with a current budget surplus of £219 million, or 0.2% of GDP – compared with a UK deficit of £5.3 billion, or 0.4% of GDP.

“Since Scotland stands on such a firm financial footing – stronger than the UK as a whole – then full fiscal autonomy and independence are the key to a flourishing and economically successful Scotland.”