What’s wrong in this photo? [See comments.]
David Farrer has an interesting soundbite from Professor Andrew Hughes Hallett who explains how Scotland has been “subsidizing” the rest of the UK via revenue, which should have been paid to Scotland, actually going south.
His solution is that if Scotland broke free of the UK tax regimes and ran its own tax, corporate tax would be lower and thus there’d be more money about. In my ignorance of matters Scottish, I asked:
What would Scotland be producing and exporting, David, aside from whisky? I’m not saying they wouldn’t but would like to know what would sustain the Scottish economy.
David replies in his own comments thread and I quote here:
“Scottish international exports in 2008 (excluding oil and gas) are provisionally estimated at £20.7 billion, of which £14 billion is attributable to manufacturing sector companies. This represents an increase in overall exports of £1.7 billion since 2007, due to a rise in the manufacturing sector exports of £935 million and a rise in service sector exports of £715 million.
• The top 5 exporting industries in 2008 were chemicals (including refined petroleum products) (£3.5 billion), food & beverages (£3.4 billion), business services (£2.3 billion), the wholesale, retail & accommodation sector (£1.4 billion) and manufacture of machinery and equipment not elsewhere classified (£1.4 billion). Together these industries accounted for well over half of total exports from Scotland.”
See here for details of the £63 billion exported to the world including the rest of the UK:
Alcohol makes up around 6%
I await the English response.