Scotland’s deficit could be about £1,300 per person higher than the UK as a whole due to the impact of falling oil and gas prices.
The Institute for Fiscal Studies (IFS) think tank said the change in oil and gas prices, while good news for the UK as a whole, has led to Scotland’s financial projections having “deteriorated significantly”.
The latest forecast from the Office for Budget Responsibility predicted that the UK’s oil and gas revenues will hit £11bn in 2022/23 and just over £10bn the following financial year, a marked decrease from its forecast last November, which expected revenues to reach £15bn then almost £21bn respectively.
