{"id":116061,"title":"Scotland’s Deficit Expands as North Sea Revenues Plummet","publisher":"Share Talk","author":"sharetalk","published":"2024-08-14T14:30:12+00:00","modified":"2024-08-14T14:30:12+00:00","canonical_url":"https://www.share-talk.com/scotlands-deficit-expands-as-north-sea-revenues-plummet/","markdown_url":"https://www.share-talk.com/scotlands-deficit-expands-as-north-sea-revenues-plummet.md","json_url":"https://www.share-talk.com/scotlands-deficit-expands-as-north-sea-revenues-plummet.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Energy"],"tags":["FTSE 100","gas","GDP","GERS","Inflation","London","North Sea","oil","Scotland","Scottish government","Shona Robison","UK","UK deficit"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/12/Oil-Trinidad-750x406-1.jpg?fit=750%2C406&quality=89&ssl=1","format":"news","language":"en-GB","content":"Scotland’s deficit has risen by more than £4.5 billion in the past year, as North Sea oil and gas revenues have halved, according to recent data.\n\nThe Government Expenditure and Revenue Scotland (GERS) report reveals a net fiscal deficit of £22.7 billion for 2023-24, up from just over £18 billion the previous year.\n\nAs a percentage of GDP, the deficit has increased from 8.4% to 10.4%, while the UK deficit decreased from 5% to 4.5% during the same period.\n\nThis increase comes as offshore oil and gas revenues from the North Sea dropped from £9.9 billion to £4.9 billion.\n\nAlthough total revenue in Scotland rose from £86.9 billion to £88.5 billion, government expenditure per person is £2,417 higher than in the rest of the UK, with an average of £20,418 spent per person north of the border.\n\nScottish Finance Secretary Shona Robison stated that the deficit is “not a reflection on the finances or policies of the Scottish Government – it is a reflection of UK Government choices.” She added, “As an independent nation, we would have the power to make different choices.”"}