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Peter Jones: More tax powers could leave a devolved nation £126bn in red

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Published Date: 14 October 2009
DEBATE about whether the Scottish Parliament should have more tax powers got a boost this week with the publication of a new book on the subject, The Political Economy Of Financing Scottish Government.
Written by academics, it was, well, a bit academic. All the more so, I suspect, because there is a big shadow over this discussion which nobody seems to want to talk about – the vast and still swelling size of the British national debt.

The size o...



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  • Last Updated: 13 October 2009 8:44 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Peter Jones
 
1

Hugo of Garven,

14/10/2009 08:36:15
I was going to buy the book until I saw the price.

Now where can I borrow a copy? When can I get an affordable second-hand copy?
2

Linda,

Edinburgh 14/10/2009 09:19:01
I will repeat yesterday's comments and suggest Scotsman journalists read it slowly this time..

In 2008 Qatar produced 1378 thousand barrels of oil daily whilst UK - I.e. Scotland - produced 1544 thousand barrels of oil daily.

Qatar actually produces less oil than Scotland yet has a $60 billion wealth fund. Norway, another independent nation, has a $410 billion sovereign fund, the third biggest in the world. None of these countries have a problem with a fluctuating oil price and are actively investing globally for the long term benefit of their respective people.

There are still 25 billions of oil and gas remaining to be extracted from the North Sea and West of Shetlands. This is expected to raise a furthert £30 billions in taxes and create 1000s of new jobs.
Yet Scotland is facing a £1 billion a year Union Dividend attack on her budget from Westminster, with no real financial powers to address the country's pressing economic challenges.

 

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