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Parliamentary Debates and Questions

S5W-06895: Dean Lockhart (Mid Scotland and Fife)

Scottish Conservative and Unionist Party

Date lodged: 6 February 2017

To ask the Scottish Government whether it will provide a breakdown of the reasons that it revised its financial projections for 2017-18 from those set out in the Draft Budget, and on what date the Cabinet Secretary for Finance and Constitution was advised of the revision.

Answered by: Derek Mackay 7 March 2017

At Stage 2 of the Budget Bill, the Cabinet Secretary for Finance and the Constitution provided a provisional breakdown of the changes to the fiscal position between the Draft Budget and the Budget Bill. While the precise mix of funding will continue to evolve as the end of the financial year approaches, at Stage 2 of the Budget Bill , The Cabinet Secretary indicated that the breakdown was estimated to be £29 million from the decision to freeze the higher-rate threshold of income tax in cash terms, £6 million from updated forecasts of the anticipated cost of borrowing repayments, £60 million from updated projections of the required Scottish Government contribution to bring the non-domestic rate pool into balance and £125 million through the use of the budget exchange mechanism. Further information has subsequently been provided to the Finance Committee.

The Scottish Government will provide final details to Parliament on the precise balance of funding in the June provisional outturn statement in the normal way. The financial position of the Scottish Government is constantly monitored and changes on a day to day basis. The commitments made at Stage 1 Budget Bill reflected the financial projections available at the time.