scrubbedexpat141

Made some edits for you mate.

Forsu

On a lighter side, blokes, be optimistic: maybe the whole thing will just leave the EU in xit for years to come just like any other exit we have done in the past (we have India our former Raj IN-xit to this day; or the Trucial States in TRU-xit; or Hong Kong in HonKin-xit

scot47

The Yookay is is coming to an end.

Johnnyboy11

Question: Which country in the developed world has the biggest budget shortfall? A black hole in the public finances larger than the likes of Italy and the rest of southern Europe, bigger than the US under spendthrift Donald Trump and double that of debt-ridden Japan.

Answer: The People's Republic of Scotland, of course.

While the UK’s deficit almost halved to 1.1pc of GDP in 2018/19, the figure for Scotland fell 1.1 percentage points to a still eye-watering 7pc.

scot47

Propaganda. The British Deep State is concerned that Scotland will break away. Where can they park Trident ? What about the revenue from the North Sea ?

If you belieev those GERS Statistics you have no chance of passing any exam in Arithmetic.

scrubbedexpat141

Yeah, we should listen to an old, miserable, anti-English drunk on the internet instead.

scot47

Or we could listen to the half-wits who preach "Better Together" under the rule of the old Etonians. If the English choose to be ruled by people like Rees-Mogg and Johnson with ideas from Farage, so be it.

Millhouse

I'll drink to that

scrubbedexpat141

I'm a beacon of light in this world of darkness.

scot47

A man whose spiritual home is Essex and whose money is earned on "The Pirate Coast". A paragon !

scrubbedexpat141

I don't think I've ever been to Essex and your money earned in Saudi is pure and ethically ideal? I think you need to stop drinking for breakfast, I'm worried about you.

TGFKASE

Now, now ladies..... Put your handbags down...

TGFKASE

The following was written by a guy called Richard Murphy. He is Professor of Practice in International Political Economy at City University, London and Director of Tax Research UK. Look him up, an awful lot of people believe him to be one of the most influential people in the world when it comes to Global taxation.... And he's not a drunk Scotsman..

"First, this was and to some extent remains a Unionist exercise. The short name says it all, and is not, I am sure coincidence. No one puts expenditure ahead of revenue in the name of an accounting document. It was done here for a reason, and it was to make a point that is still repeated. I will treat it with more respect when it is renamed.

Second, this is very largely UK based data. It is simply an extrapolation of that data to Scotland in most cases. And UK data is prepared for UK purposes. The result is that the inherent reporting bias in it, recently referred to by the Tax Justice Network, for example, is not removed. Large amounts of economic value created in Scotland is not reported there as a result.

Third, GERS is not intended to show how an independent Scotland would perform, and does not. For the sake of the independence debate it is almost irrelevant.

Fourth, GERS reflects a lot of spending Scotland would not incur. It would not have a nuclear deterrent, for example.

Fifth, as I have argued many times, the accounting is biased and theoretically utterly flawed. When accounting it is vital that all estimates are prepared consistently and on the same basis. GERS has not been. Income is estimated on the basis of that arising IN Scotland but spending is estimated on the basis of that arising FOR Scotland. So, only taxes paid in Scotland are included. But expenditure in England (mainly), Wales and Northern Ireland is also charged to Scotland when Scotland is deemed to benefit from it. But the tax paid to generate that expenditure is not taken into account. The system is, then, inherently designed to show a deficit.

Sixth, no one really has a clue about the level of Scottish imports and exports, including services, because as yet the data to check these does not exist. And since this data might significantly impact GERS, and any other debate on the Scottish economy, that leaves a gaping hole in the estimates that nothing can fill.

Seventh, even now Scotland has a tax authority we know it is having difficulty identifying Scottish resident people and their tax liabilities. And that is for easy taxes. On VAT, corporation tax and many other taxes the figures are stabs in the dark, especially as much Scottish added value is recorded elsewhere.

In other words, don’t get too excited by GERS. I will not be. It’s CRAp, however it is polished.@

scrubbedexpat141

Interesting read, thanks. I'm not even entirely sure where GERS came up in this discussion as relevant or important to it all. I thought we were talking Scotland a while ago in a different thread but might be mistaken.

Nothing can predict what an independent Scotland would look, feel or behave like. Personally, I don't like the idea but wouldn't have a chance to voice that meaningfully. I think it's a shame Brexit has come about as we'd have probably waited another generation before the call for another referendum came up, rather than the support it's gathering now.

Millhouse

And what's wrong with Essex?