Accounting future Scotland

Thursday 24th July 2014
Courtesy:http://www.cipfa.org/-/media/Files/Publications/Reports/CIPFA_Scotland_2014_05_pdf.pdf

In the referendum debate Scotland's finance may not seem of such significance to outweigh hearts, souls and history, but for a canny country, bawbees matter. The CIPFA (Chartered Institute of Public Finance & Accountancy) believes the public deserve transparent and understandable data on Scotland's finances and the choices that an undefended Scotland would face.

Accordingly The Scottish Referendum: Scotland's future in the balance report looks at current and future financial sustainability and for those who are interested is well worth pondering on the starting basis that  devolved Scotland would have assets of about £84bn versus liabilities of about £100bn.  

Don Peebles CIPRA  head, Cipfa Scotland notes in the  Local Government Chronicle   that " All three Unionist parties in the Scottish Parliament support further devolution in  some manner, and have issued a joint commitment on further devolution of fiscal  and welfare powers. Such powers should also come with additional flexibilities to allow for better  management of the public finances across financial years.

" This means there will be a different fiscal future for Scotland, whatever the outcome for this referendum.  There is opportunity to develop an improved financial management control and  reporting framework which supports Scotland’s decision-makers, while enabling (or ensuring?)  accountability," 

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