{"id":27128,"date":"2014-12-22T07:32:35","date_gmt":"2014-12-22T07:32:35","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=27128"},"modified":"2014-12-22T07:33:06","modified_gmt":"2014-12-22T07:33:06","slug":"how-is-osborne-going-to-make-good-a-5-6bn-shortfall-in-oil-revenue","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2014\/12\/22\/how-is-osborne-going-to-make-good-a-5-6bn-shortfall-in-oil-revenue\/","title":{"rendered":"How is Osborne going to make good a \u00c2\u00a35.6bn shortfall in oil revenue?"},"content":{"rendered":"<p>Chris Giles <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/d97d49ce-877d-11e4-bc7c-00144feabdc0.html??ftcamp=crm\/email\/_DATEYEARFULLNUM___DATEMONTHNUM___DATEDAYNUM__\/nbe\/FirstFTEurope\/product&amp;siteedition=uk#axzz3MabCaffg\" target=\"_blank\">gleefully reports in the FT<\/a> this morning that:<\/p>\n<blockquote><p>Oil rout would have wrecked an independent Scotland\u2019s finances<\/p><\/blockquote>\n<p>before adding:<\/p>\n<blockquote><p>Had Scotland voted Yes to independence, it would now be looking at oil revenues of \u00a31.25bn instead of \u00a36.9bn in 2016-17<\/p><\/blockquote>\n<p>What Giles fails to mention is that the UK is suffering the same loss.<\/p>\n<p>And a loss of VAT as well, at least.<\/p>\n<p>Of course, he may assume that the oil price will stimulate growth and so assist recovery and so make good that shortfall. But he fails to mention any such impact for Scotland so I assume he ignores it in the UK too.<\/p>\n<p>In which case what he also fails to mention is that Osborne is going to be quite a few billion short of his stated targets too. But saying so might have spoiled Giles' glee. So I will do it instead.<\/p>\n<p>And also mention if ever there was a case for a variable carbon tax based on fluctuations in the oil price then this situation may create it. But maybe that's a little too creative for Giles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chris Giles gleefully reports in the FT this morning that: Oil rout would have wrecked an independent Scotland\u2019s finances before adding: Had Scotland voted Yes<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2014\/12\/22\/how-is-osborne-going-to-make-good-a-5-6bn-shortfall-in-oil-revenue\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-27128","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/27128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=27128"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/27128\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=27128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=27128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=27128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}