Tax & Spend
Scotland’s Budget Deficit Shrinks on Record North Sea Oil Money
Income from the North Sea oil and gas industry rose by £6.9 billion during the financial year.
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Scotland’s public spending deficit narrowed after revenue from North Sea oil more than tripled to a record.
The shortfall dropped to £19.1 billion, or 9% of gross domestic product, in the 2022-23 financial year, according to the Government Expenditure and Revenue Scotland report published on Wednesday. That compares with 5.2% for the UK as a whole and a revised 12.8% for Scotland in the previous fiscal year.