Please enable JavaScript.
Coggle requires JavaScript to display documents.
Place of Scotland in the UK Economy - Coggle Diagram
Place of Scotland in the UK Economy
Scotland-Devolved Powers
Devolved powers are those which have been passed from the UK parliament to one of the devolved legislatures
Scottish Legal system remains seperate
Education
Higher Income tax
Agriculture
Scottish Exports
Scotlands largest export market is the UK (England, Wales and Northern Ireland) and the European Union
North Sea Oil
The North sea is a mature oil and gas province.The North Sea Oil is still a potentially important industry to the Scottish Economy
Scottish Whisky
Scottish whisky exports were worth £4.70 billon in 2018, Whisky is a key export for the Scottish and UK economy. The whisky industry is a key industry to the Scottish economy.
Employment in Scotland
in 2018 the employment rate in Scotland increased to 75.9%, below the UK average of 76.10%. Manufactuing, construction, mining and agriculture, forestry and fishing account for a very small proportion of the job market in Scotland. on the other hand, the service sectorr created vast employment in Scotland.
Unemployment in Scotland
Unemployment in the UK in 2018 was 4.2% whereas in Scotland rate eas slightlly higher at 4.3%.
Tax Revenues and Spending
In recent years more money has been spent in Scotland than has been collected, whether or not you count money collected from the North Sea OIl and gas industries. Expenditure per person is greater than tax revenue per person/
The main structures of the Scottish Economy
The scottish economy comprises of the following sectors
Manufacturing
Construction
Services
Agriculture, Forestry and Fishing
Foreign Direct Investment
Foreign direct investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. These are usually
multinationals
Impact of UK economic policies on scotland
Decisions over fiscal, monetary and suppy-side policies will impact on scotland in a broadly similar way to the impact on the rest of the UK. Here we highlight some potential differences in the Scottish and UK impact. The UK economy could be divided into two sections:
Section 1 is the south east of England
.
Section 2 comprises the rest of the UK, including Scotland
.
Reductions in public sector employment
National spending decisions
Increasing interest rates in reaction to booming house prices in London