The last coal power station in Scotland closed earlier than anticipated following the reform of electricity connection charges. Scottish participation in the British Empire also allowed Scotland to export its output throughout much of the world. [40], Cotton began to replace linen in economic importance during the 1770s, with the first mill opening in Penicuik in 1778. In 2018, the value of Scotland’s GDP is estimated at £178.6 billion, or £32,800 per person, including oil and gas extraction in Scottish waters. National Insurance rates and bands are reserved as is the National Insurance Fund. Edinburgh was ranked 15th in the list of world financial centres in 2007, but fell to 37th in 2012, following damage to its reputation,[45] and in 2015 was ranked 71st out of 84. The engineering and defence sectors employ around 30,000 people in Scotland. This statistic shows public sector expenditure in Scotland in 2018/19, by sector. Because of the persistence of feudalism and the land enclosures of the 19th century the ownership of most land is concentrated in relatively few hands (some 350 people own about half the land). Privately owned commercial TV and radio broadcasters operate a multitude national, regional and local channels. [66], Excluding intra UK trade, the European Union and the United States constitute the largest markets for Scotland's exports. This flourished until the American Civil War in 1861 cut off the supplies of raw cotton; the industry never recovered. [42], In modern times, knitwear and tweed are seen as traditional cottage industries but names like Pringle have given Scottish knitwear and apparel a presence on the international market. Scotland’s fintech sector offers fantastic commercial opportunities. Inland waters are rich in fresh water fish such as salmon and trout although here too there has been an inexorable and so far unexplained decline in abundance over the past decades. In many places, the industry is closely linked to tourism, with many distilleries also functioning as attractions worth £30 million GVA each year. [citation needed] In contrast, overseas residents made 2.7 million visits to Scotland, staying 21.5 million nights and spending £1.8 billion. From 1790 the chief industry in the west of Scotland became textiles, especially the spinning and weaving of cotton. Glasgow is the fourth-largest manufacturing centre in the UK, accounting for well over 60% of Scotland's manufactured exports. It closed in 2016. Forests, especially those surrounding populated areas in Central Scotland, also provide a recreation resource. [citation needed] To rebuild stocks the EU's Common Fisheries Policy places restrictions on the total tonnage of catch that can be landed, on the days at sea allowed and on fishing gear that can be deployed. Nowadays Scotland is one of the world's biggest fund management centres with over £300bn worth of assets directly serviced or managed in the country. The economy has thus become more diversified and therefore stabler. Financial and business services sector employs 247,000 people in Scotland, making it the top sector for employment. The home building industry in Scotland directly and indirectly contributed around £5 billion to the Scottish economy in 2006 – about 2% of GDP – greater than that of higher profile industries such as agriculture, fishing, electronics and tourism. [citation needed], Although North Sea oil production has been declining since 1999, an estimated 920 million tonnes of recoverable crude oil remained in 2009. Toward the end of the 19th century steel production largely replaced iron production. We’re transforming the online experience for users & this site is currently under development. [28], Scotland's heavy industry began to develop in the second half of the 18th century. [48], By 2020, Edinburgh was ranked 17th in the world for its financial services sector, and 6th in Western Europe, according to the Global Financial Services Centres Index. It is estimated that tourism accounts for 5% of Scotland's GDP. Scotland is well-served by many airlines and has an expanding international route network, with long-haul services to Dubai, New York, Atlanta and Canada. [29] The shipbuilding industry on the River Clyde increased greatly from the 1840s and by 1870 the Clyde was producing more than half of Britain's tonnage of shipping. A very small proportion of Scotland’s total land mass is classified as arable – circa 10% based on Scottish Government figures[25] Only about one quarter[Figures are inconsistent] of the land is under cultivation – mainly in cereals. The industry reached a peak annual production of 43 million tons in 1913 but subsequently declined drastically. [60] A modest amount of opencast coal mining continues. Growth in Scotland’s retail, wholesale and motor trades sectors contributed 1.5 percentage points to Scotland’s GDP growth in June, compared … [citation needed] In terms of overseas visitors, those from the United States made up 15% of visits to Scotland, with the United States being the largest source of overseas visitors, and Germany (13%), France (7%), Australia (6%) and Canada (5%) following behind. Based on City Region Deal partnership areas. Government expenditure was highest on social protection and health, with over 24 … Public education in Scotland is more standardised than in England - Scotland has no equivalents of publicly funded grammar schools, free schools, nor academies except for Jordanhill School which is maintained by the Scottish Government through direct Grant-in-Aid. The majority of public sector revenue payable by Scottish residents and enterprises is collected at the UK level. By 1770, Glasgow was the largest linen manufacturer in Britain. According to the REF 2014[65] assessment for computer science and informatics the School of Informatics has produced more world-leading and internationally excellent research (4* and 3*) than any other university in the UK. We’re building a skilled and educated workforce. Overall, Scottish and UK GDP per person are very similar. Figures used for comparing GDP performance between Scotland and the UK refer to GDP at basic prices, also known as Gross Value Added (GVA). and it contributes over £4.25 billion to the UK economy, making up a quarter of all its food and drink revenues. [43], Scotland builds around 21,000 to 22,000 new homes per year, about 0.1% of its existing dwelling stock. [59] Scottish fund management centres have a major presence in areas such as pensions, property funds and investment trusts, as well as in retail and private client markets. [10] This left a legacy in the diversity of goods and services which Scotland produces, from textiles, whisky and shortbread to jet engines, buses, computer software, ships, avionics and microelectronics, as well as banking, insurance, investment management and other related financial services. Hill farming is also prominent in the Southern Uplands in the south of Scotland, resulting in the production of wool, lamb and mutton. High oil prices have resulted in a resurgence of oil exploration, specifically in the North East Atlantic basin to the west of Shetland and the Outer Hebrides, in areas that were previously considered marginal and unprofitable. *Scotland's Labour Market Statistics, Jun-Aug 2019. We release Scottish economic statistics twice a year, April and October. 0 comment. (See British banknotes for further discussion). Scotland’s research and development spend in the higher education sector, as a percentage of GDP, is the 5th highest in the developed world. With a nominal gross domestic product (GDP) of up to £152 billion in 2015, total public sector non-North Sea current revenue in Scotland was estimated to be £53.7 billion in 2015‑16 approx. The Scottish Parliament has the power to legislate in all areas that are not explicitly reserved to Westminster. You can change your cookie settings in your browser at any time. [82], The public sector, in Scotland, has a significant impact upon the economy and comprises central government departments, local government, and public corporations. Council tax bills in Scotland still include water rates if the property has a water mains connection - it is important to note that some properties in rural areas are not connected to the mains network and have their own private water supply. After a large rationalisation of routes in the 1960s which was undertaken by the Beeching cuts, which led to station and line closures, the rail network is being expanded, to cope with ever-increasing levels of passenger demand. Scotland has a more generous social care system than England, with free personal nursing care for adults over 65[99] and those under 60 with certain medical conditions. In tandem with the decline of sea-fishing, commercial fish farms, especially in salmon, have increased in prominence in the rivers and lochs of the north and west of Scotland. The size of Scotland’s economy is frequently used as an indicator of how well Scotland does compared to the rest of the UK. Scotland was one of the industrial powerhouses of Europe from the time of the Industrial Revolution onwards, being a world leader in manufacturing. The economic effects of the Union on Scotland were negative in the short term[citation needed][Scotland's debts were taken over by England], due to an increase in unpopular forms of taxation (such as the Malt Tax in 1712) and the introduction of duties on imports, which the Scottish exchequer had previously been neglectful in enforcing on most trade goods. There is a clear separation of responsibility of the powers of both the UK government and the devolved Scottish Government in relation to the formulation and execution of national economic policy as it affects Scotland – this is set out under Section 5 of the Scotland Act 1998. Total state spending in Scotland was £1,661 higher per person than the UK average at £75.3bn, while … Business conditions by sector. Many young men built careers as imperial administrators. Scottish Water's retail company Business stream competes in the water retail market. National Grid plc is the transmission system operator for the whole of the UK. The criminal justice system is almost entirely devolved; including the Procurator Fiscal (the Scottish public prosecutor), the police force employing ~17,000 Full-Time Equivalent (FTE) staff in 2019,[106] and HM prisons in Scotland which collectively imprison 8,500 people. [30] The heavy industries based around shipbuilding and locomotives went into severe decline after World War II.[31]. In common with most other advanced industrialised economies, Scotland has seen a decline in the importance of both manufacturing industries and primary-based extractive industries. The majority of these exports will be consumed or remain within the rest of the UK, for example electricity or service exports such as financial services. However some of these Scottish exports to the rest of the UK will feed into supply chains elsewhere in the rest of the UK and in turn, underpin the export of subsequent goods and services internationally.". of GDP. The Scottish Government set a target of 40% of Scotland's electricity generation be derived from renewable sources by 2020. There are many windfarms along the coast and hills, with plans to create one of the world's largest onshore windfarms at Barvas Moor on the Hebridean Isle of Lewis.[75]. With over 90,000 people working in its financial services and 100,000 in digital technology, Scotland is the perfect place to expand your fintech firm. Prescribed drugs were made free at the point of use in 2011, leaving England as the only UK-nation with prescription charges in place (a flat fee of £9.15 per item[102]). Shipbuilding reached a peak in the early 20th century, especially during the Great War, but quickly went into a long downward slide when the war ended. Scots law has 'Delict' rather than 'tort' law, and no legal concept of equity. From 1998 to 2010, the manufacturing sector shrank from 19% to 9% of the economy. updated statistics for GDP in real terms by industry are available in the GDP First Estimate for 2019 Q2. [79] The North Sea oil and gas industry contributed £35 billion to the UK economy (a little under 1% of GDP) in 2014 and is expected to decline in the coming years.[80]. In such areas, the land is generally flatter, coastal, and the climate less harsh, and more suited to cultivation. [98] The Cabinet Secretary for Health and Sport is now responsible for the NHS in Scotland. Unlike in England, water infrastructure remains property of Scottish Water, however metering and billing of business customers is now undertaken by water supply companies. The Scottish Government has stated that no fracking can or will take place in Scotland while the moratorium remains in place. [108] The average GDP per capita in the South East England region (excludes London) is €34,200 with no local government area showing a GDP per capita of less than €20,000. Some of these have been sold on again and are now leased as private rental housing inside what was once a wholly council-owned housing scheme. Farms tend to cover larger areas than their European counterparts. The North Sea energy sector has been at the heart of the Scottish independence debate since the SNP declared 'It's Scotland's Oil' in a famous advertising campaign of the early 1970s. Employment in the tourism-related industries sector (as measured by the Scottish Government's Sustainable Tourism Growth Sector) in Scotland was 207,000 in 2016 - accounting for around 8.0% of employment in Scotland. In 2018, the most influential industry sector was manufacturing, with output increasing by 3.2% in total. The Act delineates the legislative competence of the Parliament – the areas in which it can make laws – by explicitly specifying powers that are "reserved" to the Parliament of the United Kingdom. [33] Principal whisky producing areas include Speyside and the Isle of Islay, where there are eight distilleries providing a major source of employment. Scotland was[clarification needed] connected to mainland Europe by a dedicated ferry service between Rosyth (near Edinburgh) and Zeebrugge. In 2006, Scotland produced 28% of Europe's PCs; more than seven per cent of the world's PCs; and 29% of Europe's notebooks.[63]. Please note that past releases of these and other economy statistics publications may be available on the National Library of Scotland's and the National Records of Scotland's archives of the Scottish Government's website.. Advocates are regulated by the Faculty of Advocates whereas in England and Wales; barristers are regulated by their Inn. [54] The full range of Scottish bank notes commonly accepted are £5, £10, £20, £50 and £100. Scotland's international exports (excluding oil and gas) increased in 2018 by £1.1 billion (3.4%) to £33.8 billion, Exports to the rest of the UK also increased, up £1.2 billion (2.5%) to £51.2 billion. About 13,340 km² of land (about 15% of the total) is forested. Scottish Government Blog. The Scottish Government has complete control over Scottish taxes collected by Revenue Scotland and has complete power to set tax rates and bands (but not the personal allowance) for income tax in Scotland which is collected by HMRC. It should also be noted that the Scottish figures exclude offshore oil revenue. The Scottish Government plans to decarbonise the gas supply by 2030 by substituting hydrogen[76] obtained by electrolysis powered by renewable energy. [89], Scotland had some of the worst overcrowding in the postwar period and many areas of cities were comprehensively redeveloped with new modernist housing built either in tower blocks on the site of former slum housing, greenfield sites on the periphery of the cities, or in entirely new towns, such as Cumbernauld, Livingstone, Glenrothes or East Kilbride. The civil justice system also has many differences from England and Wales with many differences in Contract Law, Property Law, and Family Law. Exclusive by Greg Russell @National_Greg Journalist. The economic history of Scotland charts economic development in the history of Scotland from earliest times, through seven centuries as an independent state and following Union with England, three centuries as a country of the United Kingdom.Before 1700 Scotland was a poor rural area, with few natural resources or advantages, remotely located on the periphery of the European world. Electricity Transmission infrastructure is split between two Distribution network operators; Scottish Power, and Scottish and Southern Energy, which also generate electricity along with EDF Energy. Many former council houses are now run by Housing Associations while others were sold to the tenant under the right-to-buy at a heavy discount. [107] The most distinct differences in the Scottish criminal justice system is that only a simple majority of 15 is required to convict, the requirement for corroberation of evidence, and the existence of a third verdict. Scottish waters consisting of a large sector of the North Atlantic and the North Sea, containing the largest oil resources in the European Union – Many Scots became soldiers, returning home after 20 years with their pension and skills.[22]. [105] Medical and social care spending is forecast to increase as the population is aging faster than in England. In 2007 the industry[which?] As Scotland's landmass is immense, and the population sparse, the most populated areas have been focused on for 4G connection; mainly the Central Belt regions, Aberdeen, Dundee and Inverness. After 1945, however, the older heavy industries continued to decline and the government provided financial encouragement to many new industries, ranging from atomic power and petrochemical production to light engineering. Education in Scotland is 100% devolved and all of the universities in Scotland are public universities, as are the colleges which provide Further Education. Scotland is the EU's largest petroleum producer, with the discovery of North Sea oil transforming the Scottish economy. [66] In 2014, over 15.5 million overnight tourism trips[clarification needed] were taken in Scotland, for which visitor expenditure totalled £4.8 billion. The Scottish Government does not control macroeconomic policy, however it does use public procurement to influence private sector behaviour on reserved matters such as requiring the Real Living Wage[86] to be paid to all its contractors and sub-contractors. Published October 2019. Despite the increase in May, GDP remains 22.1% below the level in February, prior to the lockdown measures which were introduced in March. Industry, which accounts for 46% of GDP and about 80% of exports, has replaced agriculture as the country's leading sector. Scottish Business Enterprise R&D expenditure (BERD) in 2018 was £1,356 million, representing 5.4% of the UK total. Council-run schools in Scotland were traditionally referred to as 'public schools' and many Victorian-era schoolhouses to this day have 'public' inscribed on their exterior. Infrastructure in Scotland is varied in its provision and its quality. Local government in Scotland currently consists of 32 Councils, which govern many aspects of daily life in Scotland, including: Non-domestic rates in Scotland were previously collected by councils, pooled and redistributed to councils according to a set formula without any passing through central government funds with nationally set exemptions, rebates and other measures. How Scottish gig economy workers are fighting back as sector grows in pandemic. By the 1980s there were nine members of the Association of Scottish Life Offices (the counterpart of the Life Offices Association) but these have demutualised and most were taken over. Confusion over the terminology can occur between Scotland and England as 'public schools' in England charge fees for educating pupils, whereas public schools in Scotland refer to local authority run schools. There is also a dynamic and fast growing electronics design and development industry, based around links between the universities and indigenous companies. Total international and rest of the UK exports (excluding oil and gas) were valued at £85.0 billion, up £2.4 billion (2.9%) from the previous year. Henry Duncan[50], Scotland has four clearing banks: the Bank of Scotland, The Royal Bank of Scotland, the Clydesdale Bank and TSB Bank. Similarly asset servicing on behalf of fund managers has become an increasingly important component of the financial services industry in Scotland, with Scottish-based companies providing expertise in securities servicing, investment accounting, performance measurement, trustee and depositary services and treasury services. In 2014, for example, UK visitors made 12.5 million visits to Scotland, staying 41.6 million nights and spending £2.9 billion. Fishing is an economic mainstay in parts of the North East of Scotland and along the west coast, with important fish markets in places such as Aberdeen and Mallaig. The south-west of Scotland – principally Ayrshire and Dumfries and Galloway – is a centre of dairying. Dental[103] and optometry[104] examinations are also free at the point of use, however charges for procedures and appliances apply for adults over 18, except in certain circumstances. [81] Current non-North Sea revenue in Scotland is estimated to have grown by 13.4% between 2011–12 and 2015-16 in nominal terms. Both have been rising – in the main since 1998 – but growth has been slower the past few years. This paper presents economic facts and figures about Scotland's brewing and distilling sectors, with the objective of aiding policy scrutiny and developments in these sectors. The right to buy council housing was abolished in Scotland in 2017.[90][91]. The first half of the 19th century brought the creation of many life assurance companies in Scotland, predominantly on the mutual model. A national statistics publication for Scotland. [55] Standard Life, based in Edinburgh, demutualised and has remained independent. The entire period between the world wars was one of economic depression, of which the worldwide Great Depression of 1929–1939 was the most acute phase. 'Public' schools in England offered their services openly (to the public) rather than under running under the patronage of the Church. The 1980s saw an economic boom in the Silicon Glen corridor between Glasgow and Edinburgh, with many large technology firms relocating to Scotland. In 2018 there were 345,915 private sector enterprises in Scotland. GDP First Quarterly Estimate for 2020 Q3, due to be published on 16 December 2020 This trade was firstly organised around religious centres such as Melrose Abbey. Scottish Water and Caledonian MacBrayne. [clarification needed][Less mild than the west coast.] Find a full summary of Scotland's economic statistics on the Scottish Enterprise website Other major industries include banking and financial services, construction,[18] education, entertainment, biotechnology, transport equipment, oil and gas, whisky, and tourism. Infrastructure in Scotland is varied in its provision and its quality. The economic benefits of Union which had been promised by proponents of the Act were slow to materialise, causing widespread discontent amongst the population. There are major deep-water port facilities at Aberdeen, Grangemouth, Greenock, Peterhead, Scapa Flow and Sullom Voe. The invention of the hot blast for smelting iron (1828) had revolutionised the iron industry, and Scotland became a centre for engineering, shipbuilding, and locomotive construction. Dairy and cattle farmers in south-west Scotland were affected by the 2001 UK Foot and Mouth outbreak, which resulted in the destruction of much of their livestock as part of the biosecurity effort to control the spread of the disease. Next planned releases. Skills Development Scotland was also established to focus on workforce training, apprenticeships and industrial skills. Scottish industries, especially linen manufacturing, were developed. Cattle rearing, particularly in the east and south of Scotland, results in the production of large amounts of beef. "[61] The Scottish Government states that it is taking a cautious, considered and evidenced-based approach to fracking. The last deep-coal mine was at Longannet on the Firth of Forth. In 2018, Scottish GDP per person is estimated at £32,800 including a geographical share of oil … The total value of international exports from Scotland in 2014 (excluding oil and gas) was estimated at £27.5 billion. The Tayside and Angus area is a centre of production of soft fruits such as strawberries, raspberries and loganberries, owing to the mild climate. Gas infrastructure in Scotland is owned and operated by SGN. The densest network of roads and railways is concentrated in the Central Lowlands of the country where around 70% of the population live. Another major component of public expenditure in Scotland is on medical and social care services delivered by the devolved National Health Service (NHS), which delivers the majority of medical services in Scotland, and Local Authorities responsible for social care services. Investment, insurance and asset servicing, Relationship with the rest of the United Kingdom, Scotland's debts were taken over by England, "These are exports of goods and services by Scottish companies to customers in the rest of the UK. [citation needed] German sociologist Max Weber credited the Calvinist "Protestant Ethic", involving hard work and a sense of divine predestination and duty, for the entrepreneurial spirit of the Scots. Solicitors in Scotland are regulated by the Law Society of Scotland, rather than through the Solicitors Regulation Authority. The oil related industries are a major source of employment and income in these regions.
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