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Publication - Corporate report

The Scottish Government's Medium-Term Financial Strategy

Published
25 May 2023
From
Deputy First Minister and Cabinet Secretary for Economy and Gaelic
Directorate
Exchequer Strategy Directorate, +3 more … Public Spending Directorate, Jobs and Wellbeing Economy Directorate, Tax Directorate
Topic
Cost of living crisis, Economy, Money and tax, +1 more … Scottish Budget
ISBN
9781805259268

This is the sixth Medium-Term Financial Strategy (MTFS) published by the Scottish Government and provides the context for the Scottish Budget and the Scottish Parliament.

View supporting documents Supporting documents

Annex F: Scottish Government Discretionary Funding Envelope

Table F. 1: Fiscal Resource Funding Envelope (£ Million)
Fiscal Resource Funding (£million) 2023-24 Budget 2023-24 Forecast 2024-25 Forecast 2025-26 Forecast 2026-27 Forecast 2027-28 Forecast
Core Barnett Settlement 36,023 36,118 36,668 37,438 38,323 39,420
Ringfenced Funding 715 715 715 715 715 715
Total UK Settlement (A) 36,737 36,832 37,383 38,153 39,038 40,135
Social Security Block Grant Adjustment (B) 4,360 4,434 5,132 5,435 5,697 6,003
Block Grant Adjustment for Taxes and Non-Tax Income (16,131) (16,130) (16,868) (17,449) (18,198) (19,023)
Scottish Income Tax 15,810 15,810 17,080 17,808 18,591 19,646
Land and Buildings Transaction Tax 773 772 733 792 905 992
Scottish Landfill Tax 79 92 83 58 16 16
Non-Tax Income 25 25 25 25 25 25
Net Budget Adjustment for Taxes and Non-Tax Income (C) 557 569 1,053 1,235 1,339 1,656
Reconciliations 46 46 (687) 88 86 0
Resource Borrowing 41 41 300 0 0 0
Resource Borrowing Costs (120) (114) (124) (166) (174) (120)
Capital Borrowing Costs (112) (103) (127) (150) (173) (197)
Scotwind 310 310 350 0 0 0
Scotland Reserve 0 0 0 0 0 0
Migrant Surcharge 120 160 160 160 160 160
KLTR 5 5 5 5 5 5
Other 0 20 21 0 0 0
Machinery of Government 0 13 0 0 0 0
Other Income and Funding Adjustments (D) 289 378 (102) (63) (86) (151)
Total Scottish Government Fiscal Resource Funding (A+B+C+D) 41,944 42,213 43,466 44,759 45,978 47,643
Non Domestic Rates - Distributable Amount 3,047 3,047 3,069 3,158 3,437 3,328
Total Scottish and Local Government Fiscal Resource Funding 44,991 45,260 46,535 47,917 49,415 50,971
Capital Funding (£m) 2023-24 Budget 2023-24 Forecast 2024-25 Forecast 2025-26 Forecast 2026-27 Forecast 2027-28 Forecast
Core Barnett Settlement 4,757 4,820 4,691 4,700 4,720 4,727
Ringfenced Funding 632 632 632 632 632 632
Borrowing (per Capital Borrowing Policy) 450 450 450 450 450 450
Scotland Reserve 0 0 0 0 0 0
City Deals 100 100 100 100 100 100
Machinery of Government 0 2 0 0 0 0
Total Capital Funding 5,939 6,002 5,873 5,882 5,902 5,909
Financial Transactions Funding (£m) 2023-24 2023-24 2024-25 2025-26 2026-27 2027-28
Budget Forecast Forecast Forecast Forecast Forecast
Core Barnett Settlement 186 172 176 0 0 0
Scotland Reserve 50 50 0 0 0 0
Corrections to historic settlement be reflected 188 188 0 0 0 0
Total Financial Transactions Funding 424 410 176 0 0 0

Contact

Email: sophie.osborn@gov.scot

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