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Daily Record
a few seconds ago
- Daily Record
Scots benefitting from 'economic strength' of UK as public spending remains higher north of the Border
The annual GERs report warned overall public finances in Scotland are "weakening, as expenditure grew faster than revenue". Scotland continues to enjoy higher spending on public services than other parts of the UK, an annual assesment of the nation's finances has found. The Government Expenditure and Revenue (GERS) figures for 2024-25 show Scots benefit by £2,669 more per head of additional spending compared to the UK average. But it also warned "overall public finances in Scotland weakening, as expenditure grew faster than revenue'. The report is published by economists at the Scottish Government every August and is meant to enhance public understanding of fiscal issues north of the Border. The figures are regularly seized upon by both pro-UK and pro-independence supporters to justify their respective stances on the constitution. Last year, £91.4 billion in tax receipts was raised in Scotland through devolved and reserved taxation - compared to £117.6 billion in public spending. That works out to eight per cent of UK revenue and nine per cent of spending. The figures also reveal the country's notional deficit, or net fiscal balance, grew to around £26.5 billion, or 11.7 per cent of GDP, more than double the UK deficit of 5.1 per cent of GDP. This is an increase of £5.1 billion on the previous year. Ian Murray, the Scottish Secretary, said the figures proved the SNP's desire for full fiscal autonomy - which would hand Holyrood full powers of taxation - would cause "turbo-charged austerity". "These figures underline the collective economic strength of the United Kingdom and how Scotland benefits from the redistribution of wealth inside the UK," he said. "By sharing resources with each other across the UK, Scots benefit by £2,669 more per head in public spending than the UK average. It also means that Devolved Governments have the financial heft of the wider UK behind them when taking decisions. "That means more money for schools, hospitals and policing, if the Scottish Parliament chooses to invest in those areas. People in Scotland will rightly expect to see better outcomes. "These figures also underline that the Scottish Government's policy of full fiscal autonomy would mean turbo-charged austerity and economic chaos for Scotland. That's why the UK Government will stand up for the pooling and sharing resources across the UK as part of our Plan for Change - to grow the economy and put more money in working people's pockets." Shona Robison, the SNP Finance Secretary, said decisions taken by ministers at Holyrood 'are helping support sustainable public finances'. She said: 'For the fourth year in a row, devolved revenues have grown faster than devolved expenditure. Scotland's public finances are better than many other parts of the UK, with the third highest revenue per person in the UK, behind only London and the South East." However, the veteran Nationalist added: "Being taken out of the EU, against the will of the people of Scotland, has also hit Scotland's revenues by £2.3 billion and the higher cost of UK Government debt adds £500 million to the deficit. 'Falling oil prices and a decrease in extraction present challenges going forward, but we are clear in our support for a just transition for Scotland's valued oil and gas sector, which recognises the maturity of the North Sea basin and is in line with our climate change commitments and energy security."
Daily Mail
29 minutes ago
- Daily Mail
Welsh Rugby Union chief executive Abi Tierney to take leave of absence from role after health diagnosis
Welsh Rugby Union chief executive Abi Tierney is to temporarily step away from her role to undergo treatment for cancer. Tierney's diagnosis means health, understandably, is her top priority. WRU chair Richard Collier-Keywood and director of rugby Dave Reddin will step up to lead the organisation. They will do so at a crucial time for the game in Wales with a decision on a likely reduction of the number of the country's domestic teams set to be made in the coming months. Tierney's time away from the WRU will begin from August 22. 'This has not been an easy decision, but it is one I must make to focus fully on my health and recovery,' she said. 'I am grateful for the support I have already received from my family, friends and colleagues and I am confident in the team's ability to continue our work during my absence. I kindly ask for understanding and privacy during this time.' Tierney had been leading the imminent consultation period over the future of the professional game in Wales – one which is set to define how Welsh rugby looks moving forward. As such, she steps away at a key time. However, her decision is entirely the right one. Collier-Keywood said: 'I, together with the whole of the board and everyone involved with Welsh rugby, wish Abi well over this period. 'The WRU is committed to supporting her during this time. 'In my role as chair, I will continue to have overall responsibility for the WRU and in order to provide cover and give Abi the space she needs, will be more involved in the immediate future. 'Abi and the board have recruited a strong executive team which will continue to lead the WRU on a day-to-day basis. 'The most important topic on our agenda right now is the consultation on the future of elite rugby in Wales. 'This will be led by our director of rugby and elite performance Dave Reddin as a member of the executive and I will take overall responsibility for its successful delivery.'
The Independent
30 minutes ago
- The Independent
University: How to budget and manage your money as a student
SPONSORED BY TRADING 212 The Independent Money channel is brought to you by Trading 212. Students are gearing up for A-level results this week and will soon turn their attention to setting off for university. Sending a child off to university can be an exciting time but it can also be tough on their wallet - or yours. For many students, it will be the first time they are living alone and in charge of their own money, bringing more financial responsibility. The beers in the student bar may be cheap, bur other living costs can quickly add up, especially as tuition fees are rising this year. The average graduate now leaves uni saddled with a whopping £53,000 in student loan debt, and that's before you throw in university balls, booze and books. Here are the university costs to prepare for - and importantly, how to budget for them. Tuition fees are rising from this September by £285 to a maximum of £9,535 a year. That's £28,605 to budget for over the next three years at least, based on the typical three-year course length. Most students in England can get a tuition fee loan to cover the full cost of their course, which is paid directly to the university. There are also maintenance loans that provide money directly to the student to cover items such as rent, food and other bills. Unlike tuition fee loans, the amount of maintenance support available depends on where the student lives and their parents' income. Daniel Woodhouse, head of external relations at financial guidance website Money Wellness, warns that many students from lower-income families are unaware of extra help such as bursaries, scholarships and hardship funds worth £1,000 to £4,250 that don't need to be paid back. You can find out if you are eligible for a student loan and other support on the Student Finance website. There are also charitable grants available through organisations such as Turn2us or The Scholarship Hub. The student loan doesn't have to start being paid back until the April after a student graduates and only once they earn above £26,065 a year. An interest rate of 4.3 per cent is currently charged on loans. Learn to budget at university It can be tempting to splash the cash at university, especially when that maintenance loan first comes in and student discounts start calling. But it is important that students learn to budget to avoid being on baked beans until Christmas. Aileen Robertson, head of savings at Atom bank, said: 'Working out a budget at the start of each month means you can figure out how much your essentials, such as rent, bills, food and travel, will cost. 'A student will then get a clear picture of how much disposable income they have to play with.' Don't rush into buying university essentials. Tom Allingham of SaveTheStudent explains that students could end up moving into halls with 10 people who all bring a set of pots and pans. SavetheStudent has a useful list of what to take to university. Discounts, trackers and apps Keep an eye out for student discounts that can reduce the cost of everyday essentials, takeaways and activities such as cinema tickets. Discounts are listed on websites such as UniDays and Student Beans, while SaveTheStudent also has a student discount directory. Student railcards are a great option for those regularly taking trains as tickets are discounted, although a coach can often be cheaper and you can save even more if you have a National Express Coachcard. Allingham highlights that back to uni sales don't usually start until September so there is no rush to start buying supplies and that is also when new undergraduates can start using their student discount. Price comparison and tracker sites such as CamelCamelCamel and Idealo can help monitor prices and spot a good deal. Students don't have to buy everything new and could find bargain clothes, electronics and even textbooks on resale websites such as Vinted, Gumtree, eBay or Facebook Marketplace. Banking apps can also help. Starling Bank has a budget planner as well as a round-ups feature that helps users save money by rounding up their spending and putting the extra cash aside. Monzo users can also roundup their spending and there is a trends tool to highlight money habits. Savvy students can use cashback sites such as TopCashback to get money back on their spending. There are other steps that students can take to boost their finances beyond apps. Simon Phillips, managing director at No1 Currency, suggests holding onto cash rather than cards. He said: 'Mobile and card payments are designed to be effortless. But on a night out, that ease can be a liability - it makes it too easy to overspend.' When not studying, students could of course get a part-time job to earn some extra income. The best student bank accounts A range of providers offer student bank accounts that offer perks such as cashback and vouchers that can be better value than a traditional bank account. Check which perks suit your circumstances best before deciding. Lloyds Bank is currently offering £100 cashback and six months of Deliveroo Plus, perfect for hungry students. Nationwide offers £100 cashback plus £120 Just Eat vouchers, while Barclays throws in Apple TV if users sign up for Blue Rewards (£5 a month). Santander is a great option for students far from home as its account comes with a four-year student railcard for discounted travel. TSB pays a market-leading 5 per cent interest rate on cash, according to Moneyfacts, while students can get interest-free overdrafts of up to £2,000 with NatWest and RBS. When investing, your capital is at risk and you may get back less than invested. Past performance doesn't guarantee future results.
