Publication - Corporate report

Scotland's Fiscal Outlook: The Scottish Government's Medium-Term Financial Strategy

Published: 28 Jan 2021

This is the third Medium Term Financial Strategy (MTFS) published by the Scottish Government. The MTFS provides the context for the Scottish Budget and the next Scottish Parliament. This context will frame the incoming Government’s strategic approach to fiscal policy.

Scotland's Fiscal Outlook: The Scottish Government's Medium-Term Financial Strategy
List of Acronyms

List of Acronyms

ACEVO

Association of Chief Executives of Voluntary Organisations

ADT

Air Departure Tax

AGER

Advisory Group on Economic Recovery

AME

Annually Managed Expenditure

APD

(UK) Air Passenger Duty

BGA

Block Grant Adjustment

CCC

Committee on Climate Change

CERG

Climage Change Emergency Response Group

COVID

Coronavirus pandemic

COVID-19

Coronavirus Disease 2019

CPI

Consumer Price Index

CSR

Capital Spending Review

DLA

Disability Living Allowance

EHRC

Equality and Human Rights Commission

EU

European Union

FE

Further Education

FFFP

Fines, Forfeitures and Fixed Penalties

FT

Financial Transaction

GDP

Gross Domestic Product

HM

Her Majesty's

HMCTS

Her Majesty's Courts and Tribunals Service

HMRC

Her Majesty’s Revenue & Customs

HMT/HM Treasury

Her Majesty’s Treasury

IFS

Institute for Fiscal Studies

IIDS

Industrial Injuries Disablement Scheme

IIP

Infrastructure Investment Plan

IMF

International Monetary Fund

IPC

Indexed Per Capita

ITA

Individual Training Account

ITR

Income Tax Revenue

JSA

Job Seeker’s Allowance

LBTT

Land and Buildings Transaction Tax

LIFE

The LIFE (the Financial Instrument for the Environment) Regulation/ LIFE Programme

MCC

Material Change of Circumstance

ME

Minority Ethnic

MFF

European Multiannual Financial Framework

MSP

Member of the Scottish Parliament

MTFS

Medium-Term Financial Strategy

NDR

Non-Domestic Rates

NHS

National Health Service

NIESR

National Institute for Economic and Social Research

NIM

National Investment Mission

NLF

National Loan Fund

NPF

National Performance Framework

NSND

Non-savings, and non-dividend

NSPCC

The National Society for the Prevention of Cruelty to Children

OBR

Office for Budget Responsibility

OECD

Organisation for Economic Cooperation and Development

ONS

Office for National Statistics

PACE

Partnership Action for Continuing Employment

PAYE

Pay As You Earn

PfG

Programme for Government

PIP

Personal Independence Payment

RTI

Real-time Information

rUK

Rest of the United Kingdom (e.g. England, Wales and Northern Ireland)

SDA

Severe Disability Allowance

SFC

Scottish Funding Council

SG

Scottish Government

SGGEM

Scottish Government Global Econometric Model

SLfT

Scottish Landfill Tax

SME

Small to Medium Enterprise

SPI

Survey of Personal Incomes

TFP

Total Factor Productivity

UC

Universal Credit

UK

United Kingdom

URL

Universal Resource Locator

VAT

Value Added Tax

YOY

Year on Year


Contact

Email: Gabrielle.Cahen@gov.scot