SCOTLAND’S Deputy First Minister John Swinney has every right to look cheery.
He is a man without an overdraft, despite Scotland’s budget being cut by a whopping £3.9billion over two terms of Tory Government from London.
But John’s sparkling credit rating has been misrepresented this last week.
He was accused of “running up a deficit” or creating a “massive black hole” in Scotland’s finances.
This is completely false. It is also completely impossible.
Under the terms by which Scotland’s Parliament were created back in 1999, the Edinburgh Government are not allowed to get into the red.
So what’s all this talk about black holes?
It refers to an annual accountancy exercise called GERS – Government Expenditure and Revenue Scotland.
This is a set of figures that are calculated by government economists and published annually.
GERS estimates what taxes are raised in Scotland, although in reality all this tax goes to London and is fiendishly difficult to predict.
Read the rest of my column here.