Fiscal framework outturn report: 2023

The Fiscal Framework Outturn Report 2023 publishes outturn and reconciliation information for Scottish Income Tax, Scottish Landfill Tax, Land and Buildings Transaction Tax and devolved Social Security benefits, as well as updates on borrowing and the Scotland Reserve.

10. Scotland Reserve

90. The opening balance in the Scotland Reserve at the start of 2022-23 was £700 million. The closing balance on the Reserve for 2022-23 is £245 million, as reported to Parliament at Provisional Outturn in June 2023 and as detailed in Table 20.

Table 20: Scotland Reserve Forecast as at 2022-23 Provisional Outturn (£million)
Resource Capital Financial Transaction Total
2022-23 Opening Balance 605 81 14 700
2022-23 Drawdowns -605 -81 -14 -700
2022-23 Additions to reserve 181 25 39 245
2022-23 Closing Balance (Provisional) 181 25 39 245

91. Chapter 3 of Scotland’s Fiscal Outlook: The Scottish Government’s Medium-Term Financial Strategy from May 2023 sets out the principles and policies that guide the use of the Scottish Government’s fiscal powers, including the use of the Scotland Reserve.

92. As part of the updated Fiscal Framework Review, the reserve drawdown limits of £250m for resource and £100m for capital have been abolished. The overall reserve limit of £700m is now indexed to inflation.



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