GCI

Sir Ian Wood: 15 years of oil left before independent Scotland spending cuts

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  • 3 years on and my hope for an independent Scotland grows stronger everyday.  Still Yes. 
  • In the 2015 Budget a minuscule surplus of $176 million was forecast for the 2015/16 year. The actual (OBEGAL) surplus outcome is $1.8 billion which is significantly higher than expected. This represents 0.7% of GDP. The surplus last year was $414 million. It looks like we have gone from structural (permanent) deficits to a structural surplus. This is a significant achievement. Almost every other OECD country is still in deficit, and may remain there for a long time. They will face a real challenge if there is another global recession. And on average you get one around every 10 years. They have been: 1987 – sharemarket crashes 1998 – Asian crisis 2008 – global financial crisis So in the next five years, we could well have another international downturn. Here’s what the latest operating balance figures are for major OECD countries: So NZ is much better positioned that most countries to withstand another downturn. So how did we do this. The key data is: core crown expenses under 30% (29.4%) of GDP for first time since 2006 net debt has stabilised at 24.6% of GDP (down 0.5%) net worth grown to $89.4 billion (up $2.9 billion) assets up $13.5 billion and liabilities up $10.2 billion Five years ago the deficit was $18.4 billion following the GFC and the earthquakes Tax revenue increased $3.8 billion (5.7%)  this year but core crown expenses increased by only $1.6 billion (2.2%) There were one off losses of $7.2 billion related to ACC and GSF, but these are on paper and bounce around every year (the three previous years they have been gains not losses) They key is the fiscal discipline where spending increases at a slower rate than economic growth and tax revenue. Tax revenue was $1.6 billion higher than forecast in the 2015 Budget and spending $600 million less than forecast. The size of the surplus means the case for tax cuts in the 2017 Budget is stronger. Tax revenue has increased $15 billion since 2012 and has gone from 25.6% of GDP to 28.0%. You can really see the spending restraint. Since 2012 spending has increased by only $5 billion (over four years). We would never have got back into surplus without this. Most of the extra spending has been health ($1.5 billion higher) and education (also $1.5 billion higher). By comparison Labour increased spending by a massive $14.6 billion over three years (2006 to 2009). This is what left us with a structural deficit when the recession hit. We’ll find out in December the official forecast for the surplus for 2016/17 and the next three years. I expect they will be large enough that the Government can afford to reduce taxes on families and businesses, increase spending in key areas and reduce debt. A balanced Government should do all three. by David Farrar via Kiwiblog A booming surplus
  • Alex Salmond: #Scotland will be an independent country within four years via @Sunday_Post#Brexit #StopBrexitNow— BluKIP Nonsense ❄ (@UKIPNFKN) August 13, 2017 via Twitter
  • Day 4: Upper Left Arm The cuts were starting to fade so I felt like making some fresh ones today :)) I did do some deeper cuts...
  • “The rest of the UK could be forgiven for thinking that the SNP is a left-wing party. (…) This is highly amusing to those of us who live in Scotland and experience the reality of 10 years of SNP governance. Behind the SNP’s smoke and mirrors is a record of failure, upperclass freebies and increasing poverty and inequality in Scotland.”
  • [01-10] No to borrow & spend #TaxReform that adds $1.5 trillion #debt in 10 years. Cut spending to fund tax cuts. Where are…
  • [05-10] #PritiPatel has called for a further 20 years of deeper cuts to public spending- another one that lost of the plot. #Tories #Conservatives
  • [06-10] Wood grain has been added as well as some battle damage and wood cuts! #
  • [07-08] spending down, Worth it for #Brexit #StopBrexit Spending down indirect taxation down cuts to benefits & services .
  • [27-09] Who would've thunk it, corp tax cuts don't lead to higher gov tax revenues - require cuts to spending - says Goldman . #PhilipHammond
  • [19-09] A lot can change in 3 years #Scotland....so: Do you still think Scotland should not still be an independent country?
  • [03-11] #bbcqt Scotland has no deficit England putting its spending on Scotland's tab does not make it Scotland's spending GERS is a f
  • [15-10] Chris Wood left Leeds but I still have a Wood to write about! #lufc #NJDevils #MilesWood
  • [13-08] #Scotland will be independent in four years, and #Brexit is not inevitable
  • [21-07] Only 50 years old, so a youngster, but the climbing 'Iceberg' still cuts the mustard #roses #Scotland #gardens
  • [18-09] internationalist, but #StillYes. Scotland should be independent country within EU. Here's what I wrote 3 years ago.
  • [19-07] Spending two years in #scotland makes @TheOpen extra special for me thank you @EIGCA @EdinburghUni
  • [26-09] As one pervert #AnthonyWeiner is spending 21 months in the big house, another one @realDonaldTrump is spending 4 years in
  • [13-08] Alex Salmond: #Scotland will be an independent country within four years via @Sunday_Post #Brexit #StopBrexitNow
  • [19-07] Birmingham: Anger as the BBC cuts spending in the Midlands
  • [03-10] More poverty, more homelessness. More spending cuts than ever before. #wherehasallthemoneygone ? #CPC17
  • [06-10] "Do not save what is left after spending, but spend what is left after saving." - Warren buffet #money #quote
  • [23-10] #johnmcdonnell #quote more appropriate way cuts to public spending can be made to reduce deficit
  • [25-09] Spending Monday planning your next weekend adventure? #MondayMotivation ?: samuelthomps0n at Great Wood
  • [18-07] @mrrudeforth @SamPennington31 @alicmurray @JYoungDjango @Independent #Scotland will benefit from being #independent ...
  • [27-09] Tax cuts badly needed. Those who say "tax the rich to fund billions of spending" always end taxing you. #TaxReform…
  • [18-11] #GavinWilliamson 'saves HUNDREDS of Royal Marine jobs by refusing military spending cuts' #UnitedKingdom...…
  • [14-11] I was thinking this EXACT thing this morning as #MorningJoe was discussing the ol' "Cuts, Cuts, Cuts" bill.
Sir Ian Wood: 15 years of oil left before independent Scotland spending cuts
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If Scotland was independent and the rest of the UK went to war with a Scottish army who would win?
Could an independent Scotland afford NATO membership?
Nicola Sturgeon is all for taking an 'independent Scotland' into the EU. Am I missing something but the majority vote from the UNITED?
BN
Independent Scotland No Shoo-In for the EU
Independent Scotland No Shoo-In for EU In the European Union now as part of the U.K., Scotland could run into problems remaining a member on its own.
What looks like wood, feels like wood, tastes like wood, is almost completely identical to wood in every single way?
Strong case for independent Scotland
Could an Independent Scotland Survive Low Oil Prices?
Scotland's fiscal deficit is much worse than the U.K. as a whole.
Even Zero Debt Would Have Costs for Independent Scotland
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A Sterling Solution for an Independent Scotland The new state wouldn't need a currency union to adopt the pound—just some financial-sector discipline.
EU Restates Position: an Independent Scotland Would Have to Reapply
The EU has reminded Scotland will have to reapply for membership if it leaves the UK as the separatist campaign overtook the 'Better Together' campaign
'Scotland Will Become an Independent Nation,' Departing Leader Says
"Out of defeat will come future success," outgoing Scottish National Party leader Alex Salmond told party members on Friday.
Cenovus Cuts Capital Spending Again, a Month After Big Cuts
Cenovus Cuts Capital Spending Again Calgary oil producer Cenovus Energy, Inc. said on Wednesday it would cut its planned 2015 capital spending by another 27% from targets set last month because of the continued slump in oil prices.
Independent Scotland Could Launch Own Currency, Says Ratings Agency
Scotland Could Launch Own Currency, Says S&P An independent Scotland would likely be able to successfully launch its own currency, ratings agency Standard & Poor's Corp. said Thursday.
U.K.'s Main Parties Rule Out Currency Union With an Independent Scotland
U.K. Parties Rule Out Sharing Pound With Independent Scotland The three political parties that would almost certainly form any future U.K. government ruled out a currency union with an independent Scotland.
Stac
Why is it - “My great-grandfather never left Scotland” Instead of “ My great-grandfather has never left Scotland”? [duplicate] Since, the sentence has "never" it must be present perfect, but whereas it's simple past. Why is it so?
Has Trump proposed the following cuts to HIV/AIDS related spending? According to Refusefascism.org, Trump Administration has proposed the following policies: Proposed Trump/Pence budget includes a $186 million funding cut for the Centers for Disease Control’s HIV/...
Is it safe to travel in Greece during the riots about government spending cuts? I am travelling to Athens, Greece, shortly, and have seen reports of recent unrest. Should I be worried? Should I cancel my trip?UpdateIt's fine, taxis are currently on strike, but Syntagma Sqaure is fine:
Travel to Scotland over Christmas & New Years: are hiking & outdoor activities right out? I'm trying to plan a trip to Scotland & I don't want to wait >6 months for a number of reasons. It looks like there are a lot of winter festivals all over Scotland, and what I'm reading about ...
Do wood cuts matter for wands? I am having a wand made, and I wondered if wood cuts mattered. I heard rift sawn wood is the best for strength in boards, but they only receive pressure from the surface. A wand would only receive ...
Can I go back to USA if I entered at the age of 14 years old but overstaid my visa and left at 19 years old? Here is my story. I went in California when I was 14 years old. I was with my family and I just learn that I overstayed... I had no idea, so I left the country at 19 years old... now its been over 6 ...
AC
How many years has it been since Scotland was last independent? Scotland was independent before the union with England in 1707, so that is 304 years ago in 2011.
If Scotland goes independent Will Scotland and Ireland form a Buddie relationship? It is likely that the Scottish and Irish governments will have similar interests as they will be similar sized nations in Europe. The two peoples of Scotland and Ireland are closely linked and are largely the same people. I'm not sure what kind of 'buddie' relationship you refer to though. I would not expect them to act as one entity.
How do you protect kids from a wood stove that will not be in use without spending a fortune?
If the person is 29 years old and the minor is 17 years old is spending time alone with them illegal? "Spending time alone" is a very broad phrase. Having sexual interactions is probably okay, the age of consent is typically 16, but it could be different in your area.
Can you burn tanilised off cuts on your wood burning stove?
Will UK drivers from England need to retake their driving test if Scotland becomes independent if they passed their test previously in Scotland? No
Do I need clearance to use footage of NCAA basketball games in an independent film if the shots are very quick cuts and the teams unrecognizable?
What caused property dammage and power cuts across Scotland this morning? wind
Why Scotland independent? It isn't. The referendum held on 18 September 2014 had 1.6 million people voting for an independent Scotland and 2 million voting to remain part of the UK.
Why should Scotland not become independent? Small units are usually stronger when they are part of a larger unit. Therefore, Scotland is probably better off by being part of the United Kingdom.
When are Scotland becoming independent? hopefully never. There is a vote in september to see wether scotland remains part of the uk or goes independant.
Is Scotland independent? Up to a point. Scotland, England, Wales and Northern Ireland are the four countries that make up the United Kingdom of Great Britain (the U.K.). Scotland has it's own parliament which is unique among the four U.K. countries. However, issues such as defence, taxes and foreign policy are decided at Westminster, the seat of the BRITISH government. Scottish MP's can vote on British issues (as can MP's from England, Wales and N. Ireland) but English, Welsh and N. Irish MP's cannot vote on Scottish issues. Scottish history, culture, education and judicial system is different from anywhere else in th
Should Scotland become independent? That's a matter of opinion. They have considerable self-rule now. No! If we become independent we will not survive. We will have little money, we will not be a large super power in the UN or EU. We will simply be a tiny little country attached to England that once used to be part of the United Kingdom. Yes! The North Sea Oil reserves are forecasted to last at least another 30 years. Currently the revenue from the oil goes directly to Westminster then they give us some of it back in the form of a budget, so an independent Scotland would have the right to keep the revenue from oil in Scotland
Why is Scotland not independent? The Kingdoms of Scotland and England merged in 1603 when James VI of Scotland became James I of England. The Parliaments of the two countries merged with the 1707 Act of Union when Scottish affairs were decided by the British Parliament in London. From 1999, Scotland has once again had its own Parliament at Holyrood in Edinburgh, which is able to legislate on most things except for foreign, military and economic policy. Scotland's status is now similar to individual states within the United States. At the last General Election, the Scottish Nationalist Party won a landslide victory which gives
Why does Scotland want to be independent? Because they mistakenly believe that England interferes in their affairs.
Will Scotland be an independent? There will be a referendum in September 2014 to decide on this issue.
When did Scotland become independent? Scotland has not been independent since 1603. It has its own parliament with limited tax-raising and legislative powers, but still has the Queen of the United Kingdom as Head of State.
When will Scotland become independent? When a majority of Scottish people vote for full independence in a referendum.
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