Offshore supply ships at the Port of Aberdeen sea port in Aberdeen, Scotland, UK. Scotland’s public spending deficit shrank after revenue from the North Sea oil industry jumped to the highest in eight years and helped offset the fallout from the coronavirus pandemic. The shortfall dropped to 23.7 billion pounds ($28 billion), or 12.3% of gross domestic product, in the 2021-22 financial year, according to the Government Expenditure and Revenue Scotland report published on Wednesday. That compares with 6.1% for the UK as a whole and 22.7% for Scotland in the previous fiscal year. The GERS report estimates the difference between what Scotland raises in tax and what is spent on public services. It shows figures including and excluding a geographical share of revenue from the North Sea. The findings provide the basis for Scotland’s fiscal position as the political debate over independence rumbles on. First Minister Nicola Sturgeon […]