The latest annual Government Expenditure & Revenue Scotland (GERS) figures show that the ‘Union dividend’ has risen sharply again and is now worth almost £2,600 for every person living in Scotland.
The figure, which combines the per person value of Scotland’s spending and revenue compared with the UK as a whole, stood at £2,578 in the 2024/25 GERS report – an increase of 30% on the previous year’s figure and the second highest ever recorded.
Scotland’s net fiscal balance is also up again, to £26.5 billion, equivalent to 11.7 per cent of its GDP. This is more than double the UK’s still-concerning deficit of 5.1%.
Scottish Conservative shadow finance secretary Craig Hoy said the GERS figures highlight the “catastrophic impact” Scottish independence would have on the nation’s finances.
He said the figures underlined once again the huge benefits Scotland derives from being part of a strong United Kingdom – benefits which the SNP government “continue to squander” “through mismanagement and waste”.
The report also highlights the continuing importance of North Sea oil and gas to Scotland’s finances, and the “economic lunacy” of Labour and the SNP abandoning the sector.
Scottish Conservative shadow finance secretary Craig Hoy MSP said: “The SNP Government’s own figures highlight the huge, and rising, Union dividend that Scots enjoy thanks to being in a strong United Kingdom.
“Every single person in the country is almost £2,600 better off because we are part of the UK.
“If we lost that – as we would if the SNP achieved their goal of Scottish independence – it would have a catastrophic impact on the nation’s finances.
“Things are bad enough already, because the SNP government continue to squander their positive financial settlement through mismanagement and waste. But losing the UK funding model would mean even more eye-watering tax hikes and public spending cuts for hard-working Scots.
“The GERS figures also underline the importance of North Sea oil and gas to Scotland’s fiscal security, and the economic lunacy of the Labour Government’s block on new drilling.
“Astonishingly, Keir Starmer’s reckless policy is backed by the SNP, Liberal Democrats and the Greens. Only the Scottish Conservatives are standing up for this crucial sector of the Scottish economy and the North East communities it supports.”
Notes to editor
The Union was worth £2,578 to every man, woman, and child in Scotland in 2024-25. When including North Sea income, tax revenue per person in Scotland was £91 higher than the whole of the UK, whilst expenditure per person was £2,669 higher in Scotland than the UK. This means the ‘Union dividend’, which takes the expenditure figures away from the revenue figures, was worth £2,578.(Government Expenditure and Revenue Scotland, 13 August 2025, Link).
The Union dividend is nearly a third larger than the year before. The Union dividend was £1,978 in 2023-24, according to revised figures. So, the Union dividend for 2024-25 was £600 higher compared to the year previously, equivalent to a 30% increase. (Government Expenditure and Revenue Scotland, 13 August 2025, link).
Scotland’s net fiscal balance stood at £26.5 billion in 2024-25 – a £5 billion increase on the year before. Scotland’s net fiscal balance stood at £26.5 billion or 11.7% of GDP in 2024-25, a large rise on the £21.4 billion seen the year before. This is substantially larger than the UK’s still concerning deficit of 5.1% in 2024-25. (Government Expenditure and Revenue Scotland, 13 August 2025, Link).
The North Sea industry continues to play a significant role in Scotland’s economy, with their geographical share adding nearly £14 billion to GDP in 2024-25. Without these revenues, Scotland’s GDP was £212.3 billion, but with them it is £226 billion – an increase of 6.5%. (Government Expenditure and Revenue Scotland, 13 August 2025, Link).