Scotland's Fiscal Outlook: The Scottish Government's Medium-Term Financial Strategy

This is the fifth Medium-Term Financial Strategy (MTFS) published by the Scottish Government and provides the context for the Scottish Budget and the Scottish Parliament. This context will also frame the Resource Spending Review.


List of Acronyms

AGER:

Advisory Group on Economic Recovery

AME:

Annually Managed Expenditure

BPRG:

Budget Process Review Group

BGA:

Block Grant Adjustment

COVID-19:

Coronavirus Disease 2019

CPI:

Consumer Price Index

CSR:

Capital Spending Review

EU:

European Union

FFFP:

Fines, Forfeitures and Fixed Penalties

FT:

Financial Transaction

GDP:

Gross Domestic Product

HM:

Her Majesty's

HMRC:

Her Majesty's Revenue and Customs

HMT:

Her Majesty's Treasury

IIP:

Infrastructure Investment Plan

IPC:

Indexed Per Capita

IT:

Income Tax

LBTT:

Land and Buildings Transaction Tax

MSP:

Member of the Scottish Parliament

MTFS:

Medium-Term Financial Strategy

NDR:

Non-Domestic Rates

NHS:

National Health Service

NIM:

National Investment Mission

NLF:

National Loans Fund

NPF:

National Performance Framework

NSET:

[10-Year] National Strategy for Economic Transformation

NSND:

Non-savings, and non-dividend

OBR:

Office for Budget Responsibility

OECD:

Organisation for Economic Co-operation and Development

ONS:

Office for National Statistics

PAYE:

Pay As You Earn

PfG:

Programme for Government

PIP:

Personal Independence Payment

RPI:

Retail Price Index

REP:

Regional Economic Partnership

RSR:

Resource Spending Review

rUK:

Rest of the United Kingdom (i.e. England, Wales and Northern Ireland)

SDA:

Severe Disablement Allowance

SFC:

Scottish Fiscal Commission

SIT:

Scottish Income Tax

SLfT:

Scottish Landfill Tax

UK:

United Kingdom

UKG:

UK Government

VAT:

Value Added Tax

YOY:

Year on Year

Contact

Email: sophie.osborn@gov.scot

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