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Scotland - The £7.6 billion hole

The Institute for Fiscal Studies has concluded that Scotland would be left with a £7.6 billion gap in its finances if it pursued fiscal autonomy, because falling oil revenues would leave the country with a tax shortfall – to be met by cuts or taxes.

SNP minister Derek Mackay confirmed on BBC Radio 4’s Today programme that the Scottish government had accepted the forecast of a £7.6 billion black hole. He said, “I’m not challenging the work that the IFS has done.”