FISCAL RESPONSIBILITY SOLUTION TO BARNETT

FISCAL RESPONSIBILITY SOLUTION TO BARNETT

Commenting on the publication of the Holtham Commission Report on Welsh funding, which restates the case for scrapping the Barnett formula, SNP Treasury spokesperson Stewart Hosie MP said the only acceptable alternative was full fiscal responsibility for Scotland - allowing the country to raise all the money it spends.

Mr Hosie said:

“The only acceptable alternative to Barnett is full fiscal responsibility for Scotland, allowing the country to raise the money it spends. That is the best and simplest solution – anything less would be messy and unsustainable, and could well leave Scotland worse off.

“All parties recognise that the Barnett formula is no longer sustainable and should be replaced – but it must be replaced with a system of financial responsibility giving Scotland the powers over taxation, including oil and gas, and spending that are needed to effectively manage the Scottish economy.

“And the case for financial independence is reinforced by the most recent GERS report [Government Expenditure & Revenue Scotland] which demonstrate beyond doubt that Scotland has built up a surplus of 3.5 billion over a four year period, while the UK as a whole racked up a deficit of £72.3 billion.

“The bottom line is that we must not have another Westminster fix imposed which could leave Scotland worse off than at present – that is why independence and equality represent the best future for Scotland, and why the SNP are the leading party in Scotland.”