Economy

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Reindustrialising Scotland for the 21st Century: A Sustainable Industrial Strategy for a Modern, Independent Nation

The Scottish Government set out in Scotland’s Future and Building Security and Creating Opportunity: Economic Policy Opportunities in an Independent Scotland how the full economic policy levers of independence could be used to create a more successful and fairer economy.

This paper builds on a key theme set out in both reports - the objective of rebalancing and reindustrialising the Scottish economy.

IFS: Spending cuts or tax increases would be needed to pay for Independence White Paper giveaways

New calculations – based on forecasts from the Office for Budget Responsibility (OBR) – suggest that an independent Scotland would face a budget deficit of 5.5% of GDP (£8.6 billion in today’s terms) in its first year of independence were it to inherit a population share of the UK’s national debt. This would not be sustainable for any prolonged period. Any upside surprise on oil revenues would help, for a while, but as recent experience demonstrates, these revenues can also disappoint.

Strathclyde Commission: Scotland should have full powers over income tax

The Scottish Parliament should be handed full powers over income tax, according to a report commissioned by the Scottish Conservatives.

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Latest blogs

  • 18th May 2018

    Different political actors have responded to the decision by the Scottish Parliament to withhold its consent for the UK Government’s showpiece EU (Withdrawal) Bill in very different ways. Prof Nicola McEwen sifts the facts from the hyperbole and explains where we are and where we go from here.

  • 15th May 2018

    On 8 May the UK’s House of Lords passed an amendment to require the House of Commons to vote on remaining in the European Economic Area (EEA), the possibility of Britain adopting the so-called ‘Norway model’ is back on the agenda of British politics. Here the authors of Squaring the Circle on Brexit: Could the Norway Model Work?, John Erik Fossum and Hans Petter Graver, give some background to Norway’s relationship with the European Union and reveal the truth behind some common myths about the Norway model.

  • 4th May 2018

    The Sewel Convention has historically worked well, says Michael Keating, but Brexit will put it to the test.

  • 3rd May 2018

    Amendments to controversial Clause 11 of the European Union (Withdrawal) Bill were agreed in the House of Lords yesterday evening, following a deal between the UK and Welsh governments last week. Jack Sheldon and Mike Kenny explain the significance of this agreement for the UK as a whole and outline a number of unresolved issues it raises.

  • 2nd May 2018

    The hesitant progress of Brexit legislation through Westminster has provided parliament with an opportunity to show its teeth and, says Tobias Lock, it demonstrates that the legislature has bite as well as bark.

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