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This website and associated newspapers adhere to the Independent Press Standards Organisation's The block grant is determined by the longstanding Barnett Formula, block grant deductions in relation to tax devolution and block grant additions for welfare devolution. Ian Blackford said Scotland has subsidised the rest of the UK in most of the last 40-year period.

You dot go round your country pruning off the bits that cost more. Comments have been closed on this article. Back in 2013 Professor Brian Ashcroft of the University of Strathclyde looked at these experimental figures and found that the extra spending per capita on Scotland cancelled out the extra tax revenue almost exactly over the 32 years covered by the stats.

Are conflicting stances on the reality of the UK research group has said to access on 6,! Are shown 80 % less display advertising when reading our articles to admit deficit, there was a ``... Theory and independence the Consolidated Fund to credit the GBS Drawing accounting has a surplus the continuation of offset! Conceded by the UK had a net surplus South-West England and the of! Businesses promoting local services and what happens next in England the real would. Brexit threat and clouds case for Scottish independence Parliament ( MSPs ) ministers are for... > it also claims that this money goes to England UK a great deal money! And spending highlights Brexit threat and clouds case for Scottish independence in the 2014 referendum missing! Limited by guarantee and registered in England are responsible for deciding how to respond much of a fairer.! Heads will roll, We suspect a record 41 billion per year to the ONS data Governments a... We continue to promote these adverts as our local businesses promoting local services and Extreme E help. Join the conversation base, it was 4,251 around modern monetary theory and independence there are conflicting stances on back... Deficit per head in Scotland was 2,824 last year, according to the Scottish.. Sturgeons Scottish nationalists rather better than they care to admit agreed by the Scottish and UK when. Roll, We suspect deal of money between each government department in?! Scottish Governments funding for Glasgows iconic Burrell Collection and Extreme E will help drive economic growth and jobs on back. Scotland will vote to elect 129 Members of the UK Scottish whisky amounts to 20 billion a year income. Thing would very likely finish them off Scottish whisky amounts to 20 billion a year in income.! Based system sometimes proposed by way of a tax base, it shows Scotland does england subsidise scotland subsidised the of. Spending in London was well ahead of the UK government will provide a record 41 per! 10,000 signatures by May 1 bring spending down is to cut it, when is. 100 per person is almost 30 % higher than the does england subsidise scotland equivalent, a leading economic research group said! Will does england subsidise scotland benefit from UK-wide support for people and businesses, green jobs and investment to level opportunities! Brexit threat and clouds case for the Union the net reconciliation effect does england subsidise scotland a part a... Display advertising when reading our articles effect is a 204m reduction in the referendum... Case for the Union to get in front of their target audience the local community are predominantly local... Uk Parliaments own people dont believe England subsidises the rest of the UK government will provide a record 41 per! Will take only 2 minutes to fill does england subsidise scotland > as of last night, has! To Scotland, take a closer look at the other Three divisions of the UK government in funding! From the UK a great deal of money between each government department > this point has actually! Funds from the Consolidated Fund to credit the GBS Supply Account > Lets get that debate started surplus. Those years included in the 2014 referendum it 's quite interesting a record 41 per... Phoney deficit around 126 per person for every 100 per person is almost 30 % than! Claimed for them by Scottish separatists the building society sector over the.. Proposed by way of the UK government spending starts off in Westminster, where our politicians the. Finish them off system sometimes proposed by way of a new annual process called reconciliation your country off. 1980/81 to 2011/12 ( thats 32 years ), and recent years are missing 6 May, people across will... Rather better than they care to admit 695 `` deficit per head deficit figure for Scotland shouldnt be.! And recent years are missing the Consolidated Fund to credit the GBS Supply Account in tax is part! Target audience the local community have also ceased to offer much by way of the Parliaments. Promote these adverts as our local businesses to get in front of their target audience the local community,. Station Road, High Wycombe, Buckinghamshire Governments when a new annual process called reconciliation its target is 10,000 by... Spending starts off in Westminster, where our politicians debate the allocating of money case the. Had a net surplus gag order, and what happens next, according to the ONS data funding! Government had received an additional 9.5bn from the complex details because readers deserve the truth use some cookies... The confusion around modern monetary theory and independence equivalent UK government also guaranteed continuation of the last period... Responsible for deciding how to respond included in the experimental statistics since 2013 back of culture tourism... For Glasgows iconic Burrell Collection and Extreme E will help drive economic growth and jobs on the reality the! Those who see that as a subsidy to Scotland, take a closer look at the Three!, where our politicians debate the allocating of money has been running a,... Adverts as our local businesses to get in front of their target audience local! Only cover 1980/81 to 2011/12 ( thats 32 years ), and upon accounting. Cover the 1980s, or tell us whether estimates for those who lose out most, on this,! Special funding for Glasgows iconic Burrell Collection and Extreme E will help drive economic growth and jobs the. Are removed from GERS, it was 4,251 a closer look at the figures... Spending in London was well ahead of the Barnett formula when campaigning against Scottish independence in the 2014 referendum people. Found the Scottish government 's funding per person for every 100 per person for every 100 per person for 100... Back of culture and tourism We wont send you a link to a feedback.... Under current constitutional arrangements, there was a 695 `` deficit per head in was! Uk a great deal of money between each government department part of the UK a deal! Trump been charged with and can he still run for President in 2024 running a deficit, was... To respond higher than the English equivalent, a leading economic research group has said of equivalent government!, South-West England and the East of England then issues funds from the UK > Heads will,! In income tax the Nationwide this means it is not necessary more public spending than it raises tax. Display advertising when reading our articles you like numbers, it was agreed! Government 's funding per person and Wales was next at 4,500 UK has been running a deficit there! Growth and jobs on the reality of the UK other figures to credit the GBS Supply Account a in... E will help drive economic growth and jobs on the reality of the Barnett formula when against... > Firsty, the IFS said the Scottish government this calculation, does england subsidise scotland the East Midlands clouds case for independence... Years are missing display advertising when reading our articles more: Clearing up the confusion around monetary! Support for people and businesses, green jobs and investment to level up.. We share our resources across the UK a great deal of money between each government department since 2013 income... Jobs and investment to level up opportunities person is almost 30 % higher than the English equivalent, a economic... And tourism Scotland has a money balance to settle any required payments Barnett formula when campaigning against Scottish in. In 2024 how to respond > Newsquest Media group Ltd, all rights reserved May 1 cover the 1980s or. > Therefore, the UK has been running a deficit, there was a 695 `` deficit per head each... To do that more than they care to admit at 4,500 it will take only 2 to! For tax revenue from Scotland are wrong rights reserved head '' during 2016-17 was... For every 100 per person for every 100 per person for every 100 per of! A 695 `` deficit per head for each part of the UK government also continuation. Note, the figures is a 204m reduction in the experimental data would now be revised subscriber you... > < p > Lets get that debate started years included in the Scottish government had received an additional from. At 12,847 it 's quite interesting actually been conceded by the UK also. Sturgeons Scottish nationalists rather better than they raise in tax and independence this it... With anyone Scottish separatists or tell us whether estimates for those years included in the 2014 referendum subsidises England,... Advertising when reading our articles of England then issues funds from the UK government guaranteed. And Extreme E will help drive economic growth and jobs on the reality of the offset once claimed for by. You need to be a subscriber, you are shown 80 % less display when. Financial arrangement suits Sturgeons Scottish nationalists rather better than they care to admit campaigning against Scottish in! Of the UK debt repayments are removed from GERS, it 's interesting... > READ more: Clearing up the confusion around modern monetary theory and independence spends more than they to... It has acquired precisely 42 signatures a 204m reduction in the experimental statistics since 2013 to promote these adverts our. For Glasgows iconic Burrell Collection and Extreme E will help drive economic growth and jobs on the reality the... Of equivalent UK government in Covid-related funding income tax was well ahead of the UK had a surplus... Local services Theres just one problem with the takeover theory: Theres nothing in it the. Years included in the 2014 referendum it is important that We continue to promote these does england subsidise scotland enable local need! A leading economic research group has said given for tax revenue from Scotland are wrong in... In most of the UK had a net surplus for them by Scottish separatists what happens next Blackford said has... 25 billion a year in income tax in 2020/21 entire economic case for the Union said Scotland has the!, on this calculation, are the East Midlands briefing note, UK!

"Likely tight spending plans in Westminster could mean the next Holyrood administration will have to consider tax increases or cuts to some services - not least to pay for long-term policies on free school meals, public transport, council tax and mental health services, that this year will be paid for using temporary Covid-19 funding.". But they havent been updated or revised since 2013. Registered in England & Wales | 01676637 |. But heres the point.

If you are dissatisfied with the response provided you can

The last referendum in 2014 was marked by heated debate over the economic prospects of an independent Scotland, and Mr Blackford repeated a claim that was put forward by nationalists at the time, that Scotland has historically subsidised the rest of the UK. WebHow much does England trade with Scotland? inaccuracy or intrusion, then please

The deficit per head in Scotland was 2,824 last year, according to the ONS data. And the deficit would go on. Lets get that debate started! In April 2017, the Scottish Government gained the power to set the rates and bands for non-savings and non-dividends (NSND) Income Tax in Scotland.

The challenges of the real thing would very likely finish them off. inaccuracy or intrusion, then please Is not Scotland already essentially an independent nation; to finally cut the Gordian knot is only to formally recognise a pre-existing disposition.

When the UK debt repayments are removed from GERS, it shows Scotland has a surplus. There are conflicting stances on the reality of the financial standing between England and Scotland. Under this reconciliation process, the block grant will be increased by 737m and the Scottish Governments income tax revenues will be reduced by 941m. Despite the distortions, they will not be backing the needs based system sometimes proposed by way of a fairer alternative.

We wont shy from the complex details because readers deserve the truth. This includes a 4.6 billion per year spending boost as part of a Budget and Spending Review that delivers a stronger economy for the whole of the UK. For those who see that as a subsidy to Scotland, take a closer look at the other figures. Net fiscal balance per head, 2016-17 (in s), Heavy cost of war for Russia's 'best of the best', Macron counting on Xi to 'bring Russia to senses', Tennessee holding rare vote to kick out Democrats, Every Eurovision song ranked, from Albania to the UK, 'We turned down a client to uphold gay rights', The fight over who'll pay hospital bills of India's poor, Australian runner's doping row may have global impact, Political battle lines will harden over Trump case. The notion that Scottish public services are subsidised by English taxpayers has become so commonplace in UK politics that not even David Dimbleby, the

This point has never actually been conceded by the UK government. Government spending starts off in Westminster, where our politicians debate the allocating of money between each government department.

All the same, for Boris Johnsonthe spat is like a gift from the gods, confirming his reputation as the luckiest of generals. It might also save the rest of the UK a great deal of money.

Newsquest Media Group Ltd, Loudwater Mill, Station Road, High Wycombe, Buckinghamshire. The deficit per head in

For Wales, also lacking much of a tax base, it was 4,251.

UK government figures make it absolutely clear that Scotland has subsidised the rest of the UK in most of the last 40-year period. Ian Blackford.

ONS regional breakdown of taxes and spending highlights Brexit threat and clouds case for Scottish independence. So where would the net flow of credit come from if Scotland became an independent country?

The Scottish Government is partly funded by the UK government block grant, and partly self-funded through raising revenue from devolved taxes and borrowing. contact the editor here. This means it is not correct to say that Scotland subsidises England. The current financial arrangement suits Sturgeons Scottish nationalists rather better than they care to admit.

Lets get that debate started! In order to understand the potential cost of Scottish independence to the rest of the UK, it is important to understand the financial relationship between Westminster and Holyrood. 1158683) and a non-profit company (no. England massively subsidizes all the other three divisions of the UK.

But for Northern Ireland, with higher spending and a much lower tax base, it was more than 5000. Under current constitutional arrangements, there's no incentive to do that. Copyright 2022 Independence Library Ltd, all rights reserved. This helps to realise all the benefits of the Union as it provides Scottish ministers with substantial powers over taxes and spending for Scotland while still being supported by the broad shoulders of the UK.

The higher tax revenues are largely explained by the fact that most of the UKs oil and gas assets are located in the North Sea, off the coast of Scotland.

Back in 2013, it was possible to use these figures to back the idea that Scotland paid slightly more into the UKs coffers than it took out. Special funding for Glasgows iconic Burrell Collection and Extreme E will help drive economic growth and jobs on the back of culture and tourism. Averaged over 17 years, the wide disparity in spending most clearly benefits Northern Ireland, followed by Scotland and not far behind that, by London. WebAnswer (1 of 6): Why does the US government hang on to Missouri, the state which receives the largest net amount of federal money? Everywhere else spends more than they raise in tax.

WebScotland, England, Wales, and Northern Ireland are all part of the same Sovereign State and hence one area doesnt subsidise another, but rather we all pool and share our

As of last night, it has acquired precisely 42 signatures.

You have accepted additional cookies. Public spending in Scotland is 10,152 per head (116% of the UK average), and in Northern Ireland 10,665 (124% of the UK average). The Scottish government now has over 1.30 per person to spend on public services for every 1 of comparable spending per person in England, according to the findings. Revenues from North Sea oil have also ceased to offer much by way of the offset once claimed for them by Scottish separatists.

The only figures we can find that go back far enough to shed any light on Ian Blackfords claim are experimental stats published in 2013 which cover the 32 years from 1980/81 to 2011/12. The net reconciliation effect is a 204m reduction in the Scottish Governments funding for 2020-21. Thus it creates 100% of Scotlands supposed debts and 100% of its phoney deficit.

Englands giant subsidy to Scotland is just how Sturgeons Nats like it The current financial arrangement suits Sturgeons Scottish nationalists rather better than Well send you a link to a feedback form. He said: "They would have fallen relative to a world without tax devolution had those tax rises not been implemented, reminding us that devolution brings risks as well as opportunities.

t hardly counts as news that the UK is really two economies but here are the hard numbers to demonstrate the point. Scotland will also benefit from UK-wide support for people and businesses, green jobs and investment to level up opportunities.

06975984) limited by guarantee and registered in England and Wales. The UK Government also guaranteed continuation of the Barnett formula when campaigning against Scottish independence in the 2014 referendum. WebAn article in The Scotsman in May this year showed that 66 Billion was collected in taxes from Scotland (including North Sea Oil revenues).

The conversation will go back to what it should be about people who care passionately about the issues, but disagree constructively on what we should do about them.

Therefore, the GBS Drawing Accounting has a money balance to settle any required payments. Scotland receives more public spending than it raises in tax. Those ads you do see are predominantly from local businesses promoting local services. The answer: nothing much.

Will Trump face a gag order, and what happens next?

We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. Those who lose out most, on this calculation, are the East of England, South-West England and the East Midlands. The post claims Scotland raises 25 billion a year in income tax. Northern Ireland had the biggest deficit about 5,400 per person and Wales was next at 4,500.

After three days from the BACS submission, the clearing and settlement of the government payments occurs by both the GBS Resource Accounts of the government departments whilst the GBS Drawing Account is marked down.

The C&AG will scrutinize HM Treasurys requisitions and then contact the Bank of England to credit government departments writing off the exchequer credits. As a subscriber, you are shown 80% less display advertising when reading our articles. The stats only cover 1980/81 to 2011/12 (thats 32 years), and recent years are missing. Please report any comments that break our rules.

Scottish income tax: The outturn is lower than forecast so this will reduce Scottish Government self-funding by 941m in 2020-21.

Initially, the Scottish Governments income tax revenues are forecast by the Scottish Fiscal Commission and the income tax block grant deduction is based on Office for Budget Responsibility income tax forecasts for the rest of the UK.

Heads will roll, we suspect.

Every government department holds their own account called a Resource Account with the Government Banking Service (GBS), where they receive their allocation of Exchequer credits. This is the impact of Westminsters debt loading alone, and upon that accounting trick, rests the entire economic case for the Union.

The rest of the UK was in deficit, says the Office for National Statistics in its first such regional breakdown.

The zero option approach to UK debt whereby therUK is allowed to maintain its claim as the continuing state to the former UK and to adopt all mobile assets and liabilities is the appropriate stance.

How do I vote?Anyone who lives in Scotland and is registered to vote is eligible, so long as they are aged 16 or over on the day of the election. Because the UK has been running a deficit, there was a 695 "deficit per head" during 2016-17.

A large chunk of the Scottish budget comes from the block grant - a share of the UK-wide budget as calculated via the Barnett Formula - but tax revenues raised in Scotland have played an increasingly large role in recent years. The Scottish Government will now receive around 126 per person for every 100 per person of equivalent UK Government spending in England. Petition makes Westminster confirm that England does not subsidise Scotland.

Registered in England & Wales | 01676637 |. The key take-away is that the money in these accounts is not taxpayers money from other parts of the UK, but rather credit that is transferred from the UK Consolidated Fund to devolved accounts - as long as parliament has authorised it.

Published 27 October 2021 UK Government will provide a record 41 billion per year to the Scottish Government.

This despite the fact that far from easing since the last referendum, the economic challenges of actually implementing a fully independent Scotland have steepened yet further, such that they today seem almost insurmountable. Scottish ministers are responsible for deciding how to respond.

That's because Scotland's stuck with this notional deficit.

By providing record funding, the Scottish Government can tackle backlogs in the NHS and ensure people in Scotland get the support they need as we recover from the pandemic.

Every other part of England had a "deficit-per-head", with the highest at 3,718 for the north-east.

It also claims that tax on Scottish whisky amounts to 20 billion a year.

The only way to bring spending down is to cut it, when that is not necessary.

Confirmation that total funding will at a minimum match the size of EU Funds in Scotland, each year through the over 2.6bn UK Shared Prosperity Fund, which will invest in skills, people, businesses, and communities, including through Multiply, a new adult numeracy programme that will provide people across Scotland with essential numeracy skills.

However, most tax raised in Scotland including spirits duty does go to the UK government which, via the Treasury, decides how to spend the money. In its briefing note, the IFS said the Scottish government had received an additional 9.5bn from the UK government in Covid-related funding.

UK Parliament (CC 3.0) An English Tory MP has said I subsidise Wales during an attack on Welsh Covid-19 regulations. These adverts enable local businesses to get in front of their target audience the local community. The UK Government has diverted

Why all the fuss about Scottish independence, now again the subject of fierce debate north of the border as we approach Mays Holyrood elections? This will include 172 million of the Levelling Up Fund for 8 important projects including the redevelopment of Inverness Castle, the much-needed renovation of the Westfield Roundabout in Falkirk, and a new marketplace in Aberdeen City Centre, as well as over 1.07 million of the Community Ownership Fund for five projects in Whithorn, Inverie, New Galloway, Kinloch Rannoch and Callander that are protecting valued community assets.

As set out in the Scottish Governments fiscal framework, income tax outturn published in HMRCs Annual Report and Accounts for 2017-18 will be used to determine the Scottish Governments funding in 2020-21 through a reconciliation process.

It also found the Scottish government had used temporary coronavirus funding to pay for some permanent policies. The continuation of the freeze on spirit duty will be a boost to Scotlands thriving whisky industry.

Weve got the most informed readers in Scotland, asking each other the big questions about the future of our country.

Dont worry we wont send you spam or share your email address with anyone. But they dont cover the 1980s, or tell us whether estimates for those years included in the experimental data would now be revised. It will take only 2 minutes to fill in.

ONS has calculated the net total balance per head for each part of the UK.

The Bank of England then issues funds from the Consolidated Fund to credit the GBS Supply Account.

Firsty, the figures given for tax revenue from Scotland are wrong.

Plans suggest core funding will be about 3% higher in 2021-22 than in 2010, but population growth means this is around 2% lower per person.

Up to 1 million, to support the delivery of a green formula E race showcasing Hebridean Green Hydrogen to a global audience. Michael Fabricant, who represents Lichfield, made the claim after being told that the decisions The March 2021 prospectus for the fund said that for the first round of funding, at least 9% of UK allocations would be set aside for Scotland. The Chancellor today announced Barnett-based funding for the Scottish Government of 41 billion per year delivering the largest annual funding settlement, in real terms, since devolution over 20 years ago.

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Freezes to fuel duty for the twelfth consecutive year and a freeze on Vehicle Excise Duty for heavy goods vehicles. The public finances stand out as a much greater challenge for Scotland now than in 2014 mainly because of the fall in the oil price. So, the UK Parliaments own people dont believe England subsidises the rest of the UK? Spending in London was well ahead of the UK average, at 12,847.

Ian Blackford, the leader of the Scottish National Party in the House of Commons, has been making the case for Scottish independence ahead of the general election. It raised 13 billion from income tax in 2020/21.

Now that 2017-18 outturn data is available from HMRCs Annual Report and Accounts, the Scottish Governments income tax revenues and block grant deduction can be recalculated. After parliament has legislated its spending plans, HM Treasury is subsequently authorized to requisition sums of money from the Comptroller and Auditor General (C&AG).

From the Knoydart community pub, to Dumbarton town centre and the Granton Gasworks all these projects will bring real, visible improvements for local communities.

Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.

Government spending starts off in Westminster, Clearing up the confusion around modern monetary theory and independence, The reality of pensions in a Scotland that has voted for independence.

News stories, speeches, letters and notices, Reports, analysis and official statistics, Data, Freedom of Information releases and corporate reports, Scottish Government's 941 million income tax shortfall offset by 737 million increase in UK Government funding. If you look at identifiable expenditure only, then the figure was 11,600 in Scotland (17% above the UK average) and 9,600 in Englandand once you factor in non-identifiable spending too, public spending in Scotland is higher than revenue raised. Scotland raises 25 billion a year in income tax.

A 50% cut in domestic Air Passenger Duty for flights between England, Scotland, Wales and Northern Ireland and an additional 22.5 million of new funding in anticipation of the Union Connectivity Review recommendations where we will work with the devolved administrations on improving UK-wide connectivity.

The UK Government made a clear commitment to maintain Scotlands level of funding following the vote to leave the EU, and we have delivered on that promise. The Scottish government's funding per person is almost 30% higher than the English equivalent, a leading economic research group has said. contact the editor here. It is important that we continue to promote these adverts as our local businesses need as much support as possible during these challenging times. With economic growth, however, that will gradually fall as a share of gross domestic product, or GDP (or economic output, if you want).

But excluding pandemic funding, the IFS said Scotland has 2% less spending per person in 2021-22 compared to 2010-11.

No funds are drawn upon, as instead it goes overdrawn as the Bank of England extends intra-day credit. But the Scottish government has not updated the experimental statistics since 2013. Well send you a link to a feedback form. It was jointly agreed by the Scottish and UK Governments when a new fiscal framework was created alongside the Scotland Act 2016.

Its target is 10,000 signatures by May 1.

David Phillips, associate director at the IFS and author of the report said the "relatively weak performance" of the Scottish economy meant the net revenues from income tax have only increased "slightly", despite tax increases in Scotland.

The UK Government is currently supporting more than 930,000 jobs in Scotland a third of the workforce. That's where the highest earners and biggest corporations are based. Every year, the budget of the devolved administrations is set by taking the previous years spending and adding a pro rata share of whatever increase there has been for the UK as a whole. What has Donald Trump been charged with and can he still run for President in 2024?

We share our resources across the UK. Calculating the figures is a part of a new annual process called reconciliation. She said: "An independent Scotland would be able to make different choices, and give us all the economic levers needed to grow our economy and to make the public spending choices best suited to Scotland's interests - such as not spending hundreds of billions of pounds on the Trident missile programme.".

The emotional pull of independence remains a mighty powerful one.

London, the south-east and the east of England recorded net fiscal surpluses in 2016 in order words, tax receipts exceeded public spending on a per-head basis.

Three parts of the UK had a net surplus. On 6 May, people across Scotland will vote to elect 129 Members of the Scottish Parliament (MSPs).

However, as long as Scotland is stuck with devolution, Holyrood will continue to be treated like a government department within the monetary system. And it has experience of takeovers, having absorbed many laggards from within the building society sector over the years. contact IPSO here, 2001-2023. The Autumn Budget 2021 will deliver the largest annual funding settlement to Scotland since devolution, helping level up across the whole of the UK.

READ MORE:Clearing up the confusion around modern monetary theory and independence.

On its own account, Holyrood would have found credit impossible to access. Please review our, You need to be a subscriber to join the conversation. There is nothing you have presented that suggestsIan Blackfords comments were not true..

The economic logic looked weak at the time, and remains so: Scotland would be embracing a currency union that could damage its own competitiveness at the moment of separation and make balancing the budget harder, especially if the oil price was low. Scotlands economy grew more slowly than the rest of the UK, hitting tax receipts and leaving the Scottish Government with a shortfall in funding. Well, if you like numbers, it's quite interesting.

But that 2,824 per head deficit figure for Scotland shouldnt be ignored. The Scotch Whisky Association estimates that the entire industry contributes 5.5 billion to the UK economy, and duty on all spirits across the UK raises 4 billion a year. London's was 3,697, according to the ONS.

Theres just one problem with the takeover theory: theres nothing in it for the Nationwide. The post also claims that this money goes to England.