The SNP’s plan to cut all financial ties with the UK would require the equivalent of an 8p income tax hike, figures published today have revealed.
The Government Expenditure and Revenue Scotland (GERS) report showed the fiscal deficit in Scotland is now at 8.1 per cent, compared to only 5.6 per cent in the UK as a whole.
The statistics show Scotland is significantly more secure within the sharing framework of the UK than it would be under separation of full fiscal autonomy.
A...round £54 billion was collected north of the border in tax, compared to an expenditure of more than £66 billion.
It means, if Scotland had either independence or full fiscal autonomy, there would be a further deficit of £3.8 billion, relative to the UK.
Were Scotland alone challenged with plugging this black hole, it could result in an 8p increase in income tax for every worker.
Other options would involve significant spending cuts or vastly increased borrowing.
With Labour and the Lib-Dem’s support in freefall while they flirt with the SNP for a coalition deal only the Conservative and Unionists are strong enough to fight the Nationalists here in Argyll and Bute.