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Tuesday, December 6, 2022

Scotland Bankrolling UK Wide Windfall Tax

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New data shows £1800 per household with independence.

The SNP has said that Scotland is “bankrolling” the UK-wide windfall tax that has been announced in response to the Tory cost of living crisis – as new data reveals around 90% of the funds raised from the Energy Profits Levy will be taken from Scotland.

The House of Commons Library analysis shows that, with 90% of UK oil and gas sales income coming from Scottish waters at the last count in 2019, around £4.5billion of the £5billion the UK government estimates its windfall tax will raise is set to come from Scotland.

The analysis reveals that if that £4.5billion of Scottish income was retained and used in Scotland, rather than taken by the Treasury and distributed across the UK, every Scottish household could receive £1,800 each towards their energy bills.

Commenting, SNP Business spokesperson Stephen Flynn MP said: 

“Scotland is bankrolling the whole of the UK, as it is only thanks to Scotland’s huge energy resources that the UK government is able to respond this way to their own Tory-made cost of living crisis.

“And what this also shows is that if Scotland was independent, the money raised from this windfall tax could deliver £1,800 for every Scottish household but we will only get a small fraction of that under Westminster control.

“To add insult to injury, this cash grab comes at a time when the UK government is already taking money away from Scotland’s communities by failing to replace £150million of EU funding, scrapping £1billion of carbon capture and storage investment, and refusing to match the Scottish Government’s £500million just transition fund for the north east of Scotland.

“The UK entered this crisis in such poor shape – with the worst poverty and inequality in north west Europe – because of a decade of Tory cuts, tax hikes, and the soaring cost of Brexit, which has hammered household incomes and taken billions of pounds from the economy.

“While the SNP government has used its limited powers to mitigate Tory cuts and deliver progressive support like the Scottish Child Payment, the Tory government has been taking money away from families by slashing Universal Credit and ramping up regressive taxes.

“The only way to keep Scotland safe from Tory cuts and escape the long-term damage of Brexit is to become an independent country, with the full powers needed to build a fairer and more prosperous society.”

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