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Budget October 2018


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3 minutes ago, BEARGER said:

Aye the present UK Government is making a real good job of it. What's the national debt now?

I believe the figures show that the current Tory Govt have created MORE debt that every other Govt before them - combined!!!!

UK_Debt_to_GDP_ratio.png

 

uk_government_debt_in_cash.png

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54 minutes ago, Thinker said:

The point is that, when oil was booming, Full Fiscal Autonomy was pushed for by the pro-independence camp as it would allow the Scottish Government to demonstrate how great an independent Scotland's finances would be - It would have been used as economic support for independence even though, as it transpired, the benefit hinged on a volatile source of income which has since fallen away.

 

Now that things in the North Sea aren't so rosy, you don't hear about it so much. A trial run of Fiscal Autonomy as a prelude to independence is no longer desirable as it would do nothing but cast doubt on post-independence prosperity.

Current Crude oil Brent price trend for the past 2 years...doesn't look too shabby....

?module=chartImage&rawOutput=1&symbol=CB

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7 minutes ago, Darthter said:

Current Crude oil Brent price trend for the past 2 years...doesn't look too shabby....

?module=chartImage&rawOutput=1&symbol=CB

How much of a future do you see in fossil fuels? Do you hope to see atmospheric carbon and plastic production increase in the future, or decrease? If it's decrease, why would you wish to base a large chunk of Scotland's economy on oil?

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Just now, Thinker said:

How much of a future do you see in fossil fuels? Do you hope to see atmospheric carbon and plastic production increase in the future, or decrease? If it's decrease, why would you wish to base a large chunk of Scotland's economy on oil?

What happens in the future will happen.....right now (and for the foreseeable future) it is a source of significant revenue that is vital to the UK economy.  As with all things, the amount of revenue will go down, and it will go up.

Funny how the revenue from oil & Nat gas is ONLY a bad thing when it's in relation to an Independent Scotland????  The revenue that it generates is just as vital to the UK Economy!!!

 

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18 minutes ago, Darthter said:

What happens in the future will happen.....right now (and for the foreseeable future) it is a source of significant revenue that is vital to the UK economy.  As with all things, the amount of revenue will go down, and it will go up.

Funny how the revenue from oil & Nat gas is ONLY a bad thing when it's in relation to an Independent Scotland????  The revenue that it generates is just as vital to the UK Economy!!!

 

That is patently untrue, at least if  you believe the Scottish government's own figures :D

 

I literally spent 30 seconds googling and found an article which suggested that 10-20% of Scotland's oil tax revenue would come from oil & gas whilst it would only be 1.5% for the UK as a whole.  The source of the numbers ?  "ONS, GERS, Scottish Government".

 

Care to try again ?

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17 minutes ago, Darthter said:

What happens in the future will happen.....right now (and for the foreseeable future) it is a source of significant revenue that is vital to the UK economy.  As with all things, the amount of revenue will go down, and it will go up.

 

Well, with regards to Scotland's Fiscal Autonomy it's been down far more often than it's been up. FFA would only have resulted in more wealth for Scotland for a few very brief periods when oil prices were at their highest.

 

17 minutes ago, Darthter said:

Funny how the revenue from oil & Nat gas is ONLY a bad thing when it's in relation to an Independent Scotland????  The revenue that it generates is just as vital to the UK Economy!!!

 

No it isn't. An independent Scotland would rely on oil for a much larger proportion of its GDP. (As Craig just said).

 

 

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1 hour ago, craig said:

That is patently untrue, at least if  you believe the Scottish government's own figures :D

 

I literally spent 30 seconds googling and found an article which suggested that 10-20% of Scotland's oil tax revenue would come from oil & gas whilst it would only be 1.5% for the UK as a whole.  The source of the numbers ?  "ONS, GERS, Scottish Government".

 

Care to try again ?

Quote

What is the oil industry worth to the UK economy?

A report for the industry body Oil and Gas UK last year estimated the sector is worth about £35bn to the UK economy.

https://www.bbc.co.uk/news/uk-scotland-scotland-business-30831718

 

Quote

Without domestic production, the UK would h a v e h a d t o i m p o r t £ 17 b i l l i o n w o r t h o f o i l a n d g a s l a s t y e a r t o m e e t demand, which would have increased the UK's balance of trade deficit b y a l m o s t 50 p e r c e n t .

Quote

Despite most of the UK’s reserves lying off the coast of Scotland, the value generated from the industry is spread across the entire country. The diverse and highly skilled supply chain anchored here also acts as an export hub, generating almost £ 12 b i l l i o n w o r t h o f r e v e n u e l a s t y e a r f r o m s e r v i c i n g o v e r s e a s b a s i n s

https://oilandgasuk.co.uk/wp-content/uploads/2017/09/Economic-Report-2017-Oil-Gas-UK.pdf

 

Looks a pretty important contributor to the UK economy to me....

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55 minutes ago, Darthter said:

Well, for one, that isn't what you actually said originally - you spoke of revenue, which is tax revenue if looking at macro economics.  But I will tag along a while.... your original assertion was "the revenue that it generates is just as vital to the UK economy".  Correct ?  Well, your above post which talks of the need to otherwise import 17 billion worth of oil & gas had it not been produced in our shores.... but importing 17 billion of oil and gas is an expense, not a revenue - so you are attempting to compare apples and oranges.  

 

But having just looked at the BBC article (I had to cleanse myself afterwards) I find it mildly amusing that the article talks of job losses in the North Sea at a time when the UK were giving sizeable tax breaks.  Yet you are advocating removing (or vastly reducing) those tax breaks so that Scotland has its own income - you don't see the irony that Shell and the like had job losses even with significant tax breaks - you think removing those will secure North Sea jobs ?  The price of oil obviously comes into play as well, but I don't see how you don't see any irony in that article with the attitude you wish to take with these corporations.

 

And, to take it further, the same government you laud, the same government you say should remove those taxes... in the very same article... and I quote "The Scottish government has also been calling for taxes to be reduced and accused UK government ministers of "mismanagement" of North Sea oil."

 

So which is it to be ?  Which one is it you want - because, surely, you cant sit on both sides of the same fence ??

 

The numbers I produced with regard to the revenue generated came from the Scottish government - 10-20% of the GDP from oil and gas vs 1.5% for the rest of the UK.  I will continue to contend that this means oil and gas is NOT "just as vital to the rest of the UK".

 

 

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