Scottish Economy
The economy of Scotland is closely linked with the rest of Europe, and is essentially a mixed economy. Scotland has the third largest GDP per capita of any region of the United Kingdom after London and the South East of England.
The Gross Domestic Product (GDP) of Scotland is just over £78.5 billion ($150 billion) (2002) ,giving a per capita GDP of £15,523 ($30,269) (2002).
There is also a dynamic and fast growing electronics design and development industry, based around links between the universities and indigenous companies like Wolfson[1], 4i2i[2], Linn, Nallatech[3] and Axeon[4]. There is also a significant presence of global players like National Semiconductor and Motorola. Other major industries include banking and financial services, education, entertainment, biotechnology, transport equipment, oil and gas, whisky, and tourism.
Oil
Under the Scotland act 1998, section 126. 90% of the North Sea oil fields are under Scots Law jurisdiction.
North Sea Oil generates around £8 billion in tax each year for the UK government. Gordon Browns recent announcement that revenue has fallen by £4 billion is false, he just re-set tax to their original levels after hiking them to generate £13 billion in the previous budget. Recent evidence by Kemp and Stephen (1999) has tried to estimate hypothetical Scottish shares of North Sea Oil revenue by dividing the UK sector of the North Sea into separate Scottish and UK sectors using the international principle of equidistance as utilised under the United Nations Convention on the Law of the Sea (UNCLOS) - such a convention is used in defining the maritime assets of newly formed states and resolving international maritime disputes. The study by Kemp & Stephen showed that hypothesised Scottish shares of North Sea oil revenue over the period 1970 to 1999, varied to as high as 98%[12] dependent upon the price of oil and offset against taxable profits and the costs of exploration and development
http://business.scotsman.com/topics.cfm ... =477822007
Murkens, Jones & Keating (2002) p189
Scotland Act 1998 Section 126 - Interpretation
The oil related industries are a major source of employment and income on these islands. It is estimated that the industry employs around 100,000 workers (or 6% of the working population) of Scotland [6].
Whilst in recent years, North Sea oil production has been in decline, it is estimated that there are reserves of two billion tonnes in the North Sea - as much as has been produced in the last 25 years, with most oil fields being expected to remain economically viable until at least 2020 [7]. Recently with the prevailing high oil price, there has been a resurgence in oil exploration, specifically in the North East Atlantic basin to the west of Shetland and the Outer Hebrides, in areas that were previously considered marginal and unprofitable
Energy
Scotland is endowed with some of the best energy resources in Europe, and is a net exporter of electricity, with a generating capacity of 10.1GW primarily from coal, oil, gas and nuclear generation [9]. With prevailing international concern over the use of fossil fuels in power generation, Scotland has been identified as having significant potential for the development of renewable energy sources, with abundant wave, tidal and wind power
Scotch Whisky
Is probably the best known of Scotland's manufactured exports contributing around £800 million to the Scottish economy, supporting 41,000 jobs as well as adding £2 billion to the balance of trade making it one of the UK’s top five manufacturing export earners[12]. The Whisky industry also generates a substantial income for the government with around £1.6bn raised in duty each year
Scots raise a glass to economy boosting industry
Electronics
45,000 people are employed by electronics and electronics-related firms, accounting for 12% of manufacturing output. Today, Scotland produces 28% of Europe’s PCs; more than seven per cent of the world’s PCs; and 29% of Europe’s notebooks.[14]
Top 10 export destinations, 2004
Export destination Value (£million)
USA
2,610
Netherlands
1,645
Germany
1,600
France
1,165
Spain
775
Republic of Ireland
700
Switzerland
585
Belgium
555
Italy
525
Singapore
465
Source: Scottish Executive Global Connections Survey 2005
Banking
Edinburgh is Europe's fifth largest financial centre[17],
The sector makes a significant contribution to the economy employing 5% of the Scottish workforce or 113,160 people and generating £5bn or 6% of Scotland's GDP The financial services industry in Scotland is also one of its fastest growing areas with a growth rate of over 35% over the period 2000 to 2005
Scottish Financial Enterprise Industry Overview
Tourism is responsible for sustaining 200,000 jobs mainly in the service sector, with tourist spending averaging at £4bn per year
Scottish Executive Tourism Statistics
Public Sector.
The public sector, in Scotland, has a significant impact upon the economy and comprises central government departments, local government, and public corporations. In quarter 3 of 2005, there were 577,300 people employed in the public sector, which accounts for 23.4% of employment in Scotland
Public Sector Employment in Scotland 2005 Scottish Executive
Other Economic Indicators
Total Population: 5,094,801 (2005 est)
Working Age Population: 2,175,386 (2005 est.)
GDP (£million): 74,058 (2002)
Manufacturing GVA (£million): 11,110 (2003)
Number of VAT registered companies: 126,025 (2003 est.)
Number of Large Companies (250+ employees) in Scotland: 2,240 (2004)
Employment Rate (% of adults of working age): 74.7 (2004)
Median Gross Weekly Earnings of full-time workers on adult rates (£): 392.70
Claimant Unemployment Rate (%): 3.5 (2004)
People of working age claiming key Social Security benefits (%): 16.7 (Feb. 2005)
^ Scottish Economic Statistics 2005 - Quick Facts Scottish Executive
Other reasons for seccesion:
Trident
Weapons of mass destruction are morally wrong.
Encourages proliferation
No-one wins in a mutually nuclear war
Provides no diplomatic pressure in modern context – see Iranian hostage crisis.
Makes Scotland a target for attack
1536 jobs are sustained by Trident in Scotland.
In addition Scotland’s share of the cost of renewing Trident is estimated to be £85 million per year for 15 years
Many of these jobs could be transferred to the renewables sector
Cancelling Trident will create more jobs and will help Scotland to play its part in tackling climate change.”
Said Alan Mackinnon, Chair Scottish CND
http://www.stuc.org.uk/press-releases/3 ... tland-jobs
Marginalisation of Scottish Interests:
Oil: Evidence unearthed in late 2005 under the Freedom of Information Act has shown significant UK government concerns over the rising tide of Scottish Nationalism during the early part of the 1970s and the consequences that this may have had upon ownership and control over the UK's North Sea resources. A report written by the Scottish Office economist Gavin McCrone for ministers[14] in the mid-1970s indicated that with ownership of North Sea oil, an independent Scotland would have "embarrassingly large tax surpluses"[15], that the economy of an independent Scotland, with control over the majority of UK North Sea oil revenue would have the one of the "hardest" currencies in Europe and that "for the first time since the Act Of Union was passed, it can now be credibly argued that Scotland's economic advantage lies in its repeal"[16]
1. BBC news online September 2005 Papers reveal oil fears over the SNP
2. ^ BBC News online October 2005 Secret oil finds dossier released
International Diplomacy:
Scotland would support peace keeping forces, but not engage in wars such as Iraq. Never popular in Scotland.
Also, not that while soldiers in UK forces –around 12% class themselves as Scottish, while around 18% of casualties are Scots. See Operation TELIC stats for last operation where all forces operating in a similar situation. Since then, it was the BLACK WATCH sent to the Triangle of Death, and this is because a scottish soldiers death means little to Labour as they consider their Scottish constituencies completely loyal, whereas in the South west they have to compete with the Tories- who also don’t care about Scotland as they get no votes up here.
Different Political Identity
Scotland is different to the UK politically. More left wing- only place in UK where it is possible to raise taxes without losing votes. Poll tax, recent inability of Labour to use the local income tax to knock down the Lib Dems and SNP.
The fact that Scottish Nationalism is still around, and at the moment so strong, is indicative of this.
Tax Revenue
Back to the Economy a little. Minus North Sea oil, Scotland raises 8.1% of the UK’s tax revenue.
That is: £36,439 billion.
http://www.scotland.gov.uk/Publications ... 11084016/6
Its budget, from the London treasury annually is: £22,319 billion. (2005-06)
http://www.hm-treasury.gov.uk/Spending_ ... chap22.cfm
If Scotland were independent, it would also have around 90% of the £8 billion tax revenue the UK government takes from OUR North Sea resources.
That is: another £7.2 billion.
Look at that figure.
http://business.scotsman.com/topics.cfm ... =477822007
Murkens, Jones & Keating (2002) p189
Scotland Act 1998 Section 126 - Interpretation
Norway’s Oil Fund now stands at $210 billion.
Britain, around £1 in every £12 of government income comes from the oil and gas sector
RENEWABLE OPPERTUNITIES MISSED
The UK also has not saved money from its oil revenues to reinvest in other renewable energy supplies. The UK (not Scotland) is now a net importer of oil.
http://www.neweconomics.org/gen/hookedonoil_231006.aspx
EU membership-
Greenland 1980’s: Granted autonomy by Denmark, withdrew from the EC due to fishing disputes.
EU trying to get people in –Bulgaria, and if they can get in!
[hr]
Scotland shall be free