Last week, the Scottish Fiscal Commission (SFC) published its Forecast Evaluation Report.
As with all SFC publications, there was a significant degree of interest in its content.
In particular, it showed that Scottish income tax revenues were some £550m lower than expected. It also addressed the gap between the SFC’s pessimistic forecasts for growth and recent economic indicators.
This blog summarises some of the key issues from the report – with a focus on GDP and income tax. A more in depth discussion (including for the other devolved taxes) will appear in November’s Scotland’s Budget Report 2018.