This blog originally appeared on The Economics of Constitutional Change, 3 December 2013
The level of debt and how an independent Scottish Government would deal with it is a hugely important issue. Given that it is currently running a deficit – its spending exceeds its tax revenue – Scotland will be dependent on the commercial money markets to supply funds to pay for that part of the costs of public services which cannot be paid from current revenues.
by David Comerford, David Bell and David Eiser
Many of the questions, both actually asked in the White Paper launch press conference, and hypothetically asked in the Q&A in Part 5 of the White Paper, drew a comparison between the assessment of Scotland’s economy from the Scottish Government and the assessment from the Institute for Fiscal Studies in its fiscal projection report.