Let’s hope John Swinney has his wits about him. This is the most important week for public finances since the Barnett Formula was introduced in 1978.

Iain Macwhirter

THE discovery of gravitational waves involved decades of effort by some of the greatest scientific minds using mathematics of breathtaking complexity. Perhaps now they have confirmed Einstein’s relativity hypothesis, they could turn their attention to another issue of mind-bending difficulty: the fiscal framework for income tax devolution.

I know: the debate about Scotland’s financial black hole is tedious and your mind is probably wandering to the top 10 plastic surgery disasters or celebrities who have aged badly. But bear with me, because this is probably the most important issue in Scotland right now.  If Scotland gets the wrong deal on the fiscal framework, we could be looking – according to economists like Professor Anton Muscatelli – at a £3 billion tax loss over the next decade – a lot of pennies. And unlike Labour’s penny for Scotland, which brings in £400m at best a year, this would be irreversible.

Make…

View original post 1,080 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s