New Delhi, Dec 31 () The country's fiscal deficit hit 114.8 per cent of 2019-20 Budget Estimate at Rs 8.07 lakh crore at the end of November, official data showed on Tuesday.
<p> The fiscal deficit or the gap between expenditure and revenue was at Rs 8,07,834 crore as on November 30, 2019, according to the data released by the Controller General of Accounts (CGA).
</p><p> The deficit was at 114.8 per cent of 2018-19 Budget Estimate (BE) in the corresponding month a year ago.
</p><p> The government has estimated the fiscal deficit for the current financial year at Rs 7.03 lakh crore, aiming to restrict the deficit at 3.3 per cent of the gross domestic product (GDP).
</p><p> In September, the government decided to lower the tax rate for corporates and has pegged that it will have an impact of Rs 1.45 lakh crore on its revenue mobilisation.
</p><p> Tax sops were intended to boost the investment cycle in the face of slowing GDP growth, which dipped to a six-year low of 5 per cent in the first quarter of this fiscal. The GDP growth slipped further to an over six-year low of 4.5 per cent in the second quarter ended September.
</p><p> Due to slowdown, the GST collection has also been subdued putting pressure on overall revenue mobilisation effort of the government.
</p><p> Faced with a shortfall in revenue collection, the government has initiated austerity measures by revising downwards the expenditure limit for the January-March period of the ongoing financial year.
</p><p> The government has asked all departments to restrict the expenses to 25 per cent of the Budget Estimate (BE) in January-March.
</p><p> According to official statement, "the Government of India has received Rs 10,12,223 crore (48.60 per cent of corresponding BE 2019-20 of Total Receipts) up to November 2019 comprising Rs 7,50,614 crore Tax Revenue (Net to Centre),  Rs 2,32,600 crore of Non-Tax Revenue and Rs 29,009 crore of Non-Debt Capital Receipts."
</p><p> Non Debt Capital Receipts consists of Recovery of Loans (Rs 10,910 crore) and Disinvestment Proceeds (Rs 18,099 crore), it said.
</p><p> For the entire 2019-20, the revenue receipts have been pegged at Rs 19.62 lakh crore.
</p><p> It further said Rs 4,21,850 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India up to this period which is Rs 10,113 crore lower than the previous year.
</p><p> "Total Expenditure incurred by Government of India is Rs 18,20,057 crore (65.3 per cent of corresponding BE 2019-20), out of which Rs 16,06,215 crore is on Revenue Account and Rs 2,13,842 crore is on Capital Account," it said.
</p><p> The government has pegged its total expenditure for 2019-20 at Rs 27.86 lakh crore.
</p><p> Out of the Total Revenue Expenditure, Rs 3,41,812 crore is on account of interest payments and Rs 2,35,015 crore is on account of major subsidies.
</p><p> The fiscal deficit figure in monthly accounts during a financial year is not necessarily an indicator of fiscal deficit for the year, as per the CGA.
</p> Its data gets impacted by a temporal mismatch between the flow of non-debt receipts and expenditure up to that month on account of various transitional factors both on receipt and expenditure side, which may get substantially offset by the end of the financial year.  DP  MR

Fiscal deficit hits 115% of Budget Estimate till Nov

Chandigarh, Apr 23 () Days after he sought from the Centre a bailout package for Punjab, Chief Minister Amarinder Singh on Thursday urged his counterparts across the country to pursue with the government the strategy proposed by him to help states cope with the COVID-19 crisis.<p>On April 21, Singh had sought from the Centre a three-month financial package for Punjab and an extension for the 15th Finance Commission for submission of its final report in the wake of the declining revenue of states.</p><p>In a letter to the chief ministers of all other states in the country, Singh appealed to them to write to Prime Minister Narendra Modi. He asked them to urge Modi to consider the strategy suggested by him to combat the crisis, a government release here said.</p><p>Pointing out that it was a "matter of concern", Singh said all states are reeling under the impact of shrinking revenues and heightened requirements of welfare and healthcare due to the COVID-19 pandemic.</p><p>He underlined the urgent need to request the government of India to give states a special three-month financial package with flexibility in spending as per local conditions.</p><p>He also urged the states to seek a review by the Finance Commission of its recommendations for the current year since the ground situation has completely changed due to the pandemic.</p><p>Singh appealed to his counterparts to seek deferment by a year of the full report of the Finance Commission, so that the states' post COVID-19 requirements for economic revival, relief and rehabilitation can be fully assessed and adequately addressed.</p><p>The Finance Commission's five-year report should begin from April 1, 2021, instead of 2020, after factoring in the COVID-19 impact, he suggested, urging all the chief ministers to take up the matter with Modi, who is spearheading the national efforts to contain the spread of the pandemic.</p><p>The commission is to give recommendations for devolution of taxes and other matters for the next five financial years starting from April 2020.</p><p>In his suggestions to the Centre, Singh had said that the three-month special financial assistance could help in meeting the additional health expenditure in the wake of coronavirus outbreak.</p>This package may be adjusted against the special COVID-19 revenue grant, he had suggested.  CHS VSD  DIVDIV

COVID-19: Amarinder urges all CMs to pursue with Centre bailout strategy proposed by him

New Delhi, Feb 12 () Finance Minister Nirmala Sitharaman on Wednesday said inadequate realisation of GST compensation cess is delaying the payment to states and that the Centre was not according any differential treatment to states.<p>The minister also said the government is committed to paying to states as per the provisions of the GST (Compensation to States) Act, 2017.</p><p>At the time of the introduction of GST, it was agreed that the Centre would compensate states for shortfall in GST collections as per a defined formula.</p><p>"Now, there has been a delay in giving the 14 per cent compensation and we are running late in giving it timely," she said.</p><p>The delays are because the compensation cess was not adequate to pay up the 14 per cent which was committed, she said, adding, devolution of taxes to states is committed as per the law.</p><p> "There cannot be any tweaking here. Formula is given by the finance commission and the formula is given by the GST Act...That has nothing to do with me saying, I don't like XYZ state, so, I won't give...But if the revenue collection itself has gone down, of course the portion which goes to states will be lesser," she said at Times Now Summit here.</p><p> When asked whether the government acknowledges that there is a slowdown in the economy, Sitharaman said the government is not in a denial mode and working on to address concerns of various sectors depending on need.</p><p>Referring to opposition parties' barbs that the government had so many budgets even after unveiling Union Budget in July 2019, she said: "From July to February, there are people who tell me you presented a Budget every weekend, which means I've been acting on it".</p><p>However, the minister also quipped she does not use certain jargons and terminology, which people wanted her to use.</p><p>She further said there is a criticism that the government is in denial mode as it was "not saying" whether the economy is in a cyclical or structural slowdown, or stagflation.</p><p> "Each one would want me to say the way in which he would want me to say and if I don't, then they say the government is in denial," the minister asserted.</p><p> Emphasising that there are signs of recovery in some sectors, she said, Goods and Services Tax (GST) collection has consistently been rising since the last three months.</p><p> Since November, she said, GST collection has seen a growth and the collection has been over Rs 1 lakh crore each in the past three months. This indicates revenue collection has improved.</p><p> It means that commercial and economic activity is back on its feet, she said, adding, the capital expenditure between April-November has been increased by 22 per cent.</p><p> In order to raise consumption, she said, the government has increased allocation to PM-KISAN, MNREGA and Direct Benefit Transfer under various heads.</p><p> Expressing happiness over the RBI's decision to ease Cash Reserve Ratio, Sitharaman said, this will help increase banks lending towards housing, auto and MSME sectors.</p><p> She said the concerns regarding slump in consumption were being taken care of and the government was taking steps to promote exports.</p><p> "So the four engines you talk about constantly -- public investment, private investment, private consumption, and exports -- are all being given a push. Otherwise, why would you have green shoots? So the government is acting, revenue is improving," she said.</p><p> When asked what the government was doing to bring back to the country 72 Indians facing charges of financial irregularities, she said, the government has not stopped pursuing the cases.</p><p> "These people were happily living in India...and once they knew that the government was after them, they fled the country.</p><p> "...We're not going to stop at anything else but get them back to the country to face the law of the land. So, they may choose to run away from this country, but they can't run away from the Indian legal system," she added.</p><p> Asked if Delhi Assembly election result was a setback for BJP, Sitharaman said, "We have not lost Delhi. Delhi was with Aam Aadmi Party...we give out best in every election".</p> While AAP only retained power in Delhi, the vote share of BJP has gone up in Delhi, she emphasised.  DP NKD CS  DP ANUANU

Payment to states delayed due to low realisation of GST compensation cess: FM

<img src="https://static-ssl.businessinsider.com/image/5e7b6760ba85ee720430b136-2400/2020-03-23t000000z980515519rc2ypf9ikhfprtrmadp3health-coronavirus-usa.jpg" alt="Grounded Planes American Airlines" /><ul class="summary-list"><li>The <a href="https://www.businessinsider.com/category/coronavirus">coronavirus pandemic</a> is beginning to look worse for <a href="https://www.businessinsider.com/category/airlines">US airlines</a> - especially <a href="https://www.businessinsider.com/category/american-airlines">American Airlines</a> - according to a new report from <a href="https://www.businessinsider.com/category/jp-morgan">JPMorgan</a>.</li><li>Revenue is only expected to recover to 75% of 2019 levels by 2021 - and that's in a best-case scenario.</li><li>In the report, analysts wrote that <a href="https://www.businessinsider.com/category/bankruptcy">bankruptcy,</a> which could help American reduce the size of its labor force and fleet more easily, is emerging as a possible outcome for the airline on the other side of the crisis.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>The situation for airlines in the US is beginning to look even more grim, analysts for JPMorgan wrote in a research note on Monday.</p><p>When the <a href="https://www.businessinsider.com/coronavirus-impact-on-airlines-financial-analysts-impact-2020-3">airline industry initially began to see the impact of the novel coronavirus</a>, the damage was expected to be mainly contained to the China market, and eventually the larger Asia region. Impact to the US was expected to mainly take the form of a decrease in visitors from China, while a recovery was expected to be V-shaped.</p><p>The situation changed rapidly, <a href="https://www.businessinsider.com/coronavirus-airline-demand-return-2021-analyst-2020-4">with a quick devolution to what stands today</a> - subsections of airline fleets grounded at airports and storage facilities around the world, while the planes that continue to fly are doing so with few passengers on board.</p><p>Now as evidence of a prolonged recovery for the airlines becomes increasingly evident - paired with the reality that smaller carriers with tight margins may not survive - the tone among industry analysts has changed.</p><p>"In a best-case scenario, warming weather and slowing case growth result in demand returning to the pre-outbreak trend by mid-2021," Stifel's Joseph DeNardi wrote in an April 1 research note, outlining a worst-case scenario that saw resurgences of the virus in the fall, effective suspensions of flying, and a deterioration of airlines' finances as they take on increasing amounts of debt to weather the storm.</p><p>"Currently, the bearish scenario is playing out," he added. The firm downgraded several airline stocks, including American Airlines and JetBlue, from "Buy" to "Hold."</p><p>In an April 6 note from JPMorgan, the severity of the situation became even clearer.</p><p>"We are growing increasingly convinced that industry recovery to 2019 levels of output will be a multi-year affair, resulting in the material shedding of aircraft and headcount along the way," JPMorgan analysts led by Jamie Baker wrote. "Our revised base case now assumes 2021 EBITDAR" - earnings before interest, taxes, depreciation, amortization, and rent or restructuring costs - "will recover to within only ~75% of 2019."</p><p>"Whereas we once expected 2021 industry recovery to within sight of 2019's result, that's no longer the case," he added. "-80/-45/-25% is our 2Q/3Q/4Q20 revenue cadence (roughly 10 points worse than earlier), and we now expect 2021 revenue and EBITDAR to emerge no better than ~25% below 2019."</p><p>The JPMorgan report focuses primarily on American Airlines, but notes that the same trends in the analysis and modeling apply to numerous US airlines.</p><p>The analysts wrote that they expect to see demand among corporate travelers begin to recover sooner than leisure travel because "businesses are expected to put workers back on the road before families develop the same confidence." However, they said, the ultimate recovery of corporate-traveler demand will likely be slowed by the fact that remote work has been proven feasible during the pandemic, which could prompt companies to question the value of flying their employees for business purposes.</p><p>With workers achieving productivity from home and through video conferencing, the expenses associated with in-person meetings could be cut for longer than the airlines would like to see.</p><p>According to Helane Becker, an analyst at Cowen, business travelers only make up 15-20% of airlines' traffic, but provide half of their revenue.</p><p>The federal CARES Act - the coronavirus stimulus bill - offers US airlines up to $29 billion in loans to help weather the crisis, and an additional $29 billion in payroll grants to continue paying workers through at least September, <a href="https://www.businessinsider.com/airline-workers-hours-pay-cut-coronavirus-2020-3">albeit generally less than they were making before the crisis</a>.</p><p>By accepting either form of aid, airlines are required to not lay off or furlough workers until at least September 30. However, assuming the crisis of reduced travel demand lasts beyond that date - which analysts, airlines, and epidemiologists are all increasingly expecting - airlines have warned that staff reductions would be practically unavoidable after that point.</p><p>Expecting a slow recovery for American, combined with a projected $10 billion in additional debt taken on by the airline, the report portends a recovery that will likely be difficult, even compared to other airlines. </p><p>While the analysts wrote that American is not necessarily "mortally wounded," they went on to explain that the risk of a bankruptcy is, arguably for the first time in the crisis, becoming more pronounced, given the fact that the airline will likely need to significantly downsize its staff and its aircraft fleet.</p><p>There are "five, and basically only five, reasons why airlines file for bankruptcy," the report said: Labor costs above what the airline can afford, and an inability to negotiate a way to lower the expenses; pension costs, which can be shifted under the federal Pension Benefit Guaranty Corporation to reduce outbound cash flow; fleets filled with older, no-longer-needed or wanted aircraft given a resizing or restructuring, or a significant debt load on newer planes; high cost "other" debt, or just too much debt, such as what the airline could emerge from the current crisis with; and dangerously low levels of liquidity.</p><p>Given those historical reasons for past bankruptcies, the report says, it's theoretically possible that a bankruptcy would be the most effective play for the airline following the crisis.</p><p>"We were initially focused on a brief 8-16 week dislocation and a relatively quick snap back to some degree of normalcy," the report said. "This no longer seems likely to us given the depth of the crisis."</p><p>In the past few weeks, "managements here and abroad appear to be targeting much smaller footprints than we first factored into our modeling," the report added.</p><p>The report cautions that this is only one possible scenario: "We don't think management is rushing to file for bankruptcy. We also don't think it's inevitable."</p><p>However, the uncertainty of the situation means that it's becoming a larger possibility.</p><p>"We simply do not know the degree to which Washington will have the industry's back if more support is necessary to prevent bankruptcies - and further action could mean the difference between American seeking court protection or not, or at a minimum could influence the timing."</p><p>But even though the airline could manage to raise more cash without debt - for example, by pre-selling frequent-flyer miles to credit card partners, or other methods - and even though much of the debt is relatively low-cost, the debt remains concerning to the analysts.</p><p>"It's the sheer amount of debt that we are worried about, and the cost of carrying this debt against a top line that could potentially emerge 20-30% smaller," the report said.</p><p>"In our opinion, the margin for error for American management to navigate this crisis outside of the courts is growing uncomfortably thin."</p><p class="tagline"><i>Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.</i></p><p><i>And get the latest <a href="/coronavirus-business-impact">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses.</i></p>

American Airlines could be staring down a bankruptcy as the coronavirus pandemic unwinds the airline industry, a JPMorgan analyst warns

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5534c762dd089582108b456b-1200-924/david-cameron-nicola-sturgeon.jpg" border="0" alt="David Cameron Nicola Sturgeon"><p class="source"><span><a href="http://pictures.reuters.com/">REUTERS/POOL/Andrew Milligan</a></span></p><p class="caption">Scotland's First Minister Nicola Sturgeon shakes hands with Britain's Prime Minister David Cameron in her office at the Scottish Parliament in Edinburgh, January 22, 2015.</p></img></div><p></p></div></div>An unidentified source in the Scottish National Party (SNP) has <a href="http://www.theguardian.com/politics/2015/may/14/snp-prepared-overrule-cameron-second-independence-referendum-scotland">raised the prospect of the party calling an informal referendum on independence</a> if the Conservative government blocks a second official one, The Guardian reports.</p><p>But there's absolutely no way the party's leadership really wants to do that. This should be the ace up Prime Minister David Cameron's sleeve as he travels to Scotland on Friday to meet SNP leader Nicola Sturgeon to negotiate over devolving further powers to Holyrood. </p><p>Here's why: For Scotland to start the journey towards independence now, it would require full fiscal autonomy from the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>. In that situation, Scotland would be forced to run a much higher budget deficit than the rest of the UK and could be forced to make deep spending cuts, despite running as an anti-austerity party.<a href="http://www.ifs.org.uk/publications/7722"><br /></a></p><p>Making the country's finances sustainable "would likely entail substantial spending cuts or tax rises in Scotland," <a href="http://www.ifs.org.uk/publications/7722">according to a report published in April by David Phillips of the independent Institute for Fiscal Studies.</a></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5555eb92dd0895cd178b460c-954-476/full_fiscal_autonomy_delayed__the_snp_s_plans_for_further_devolution_to_scotland_-_institute_for_fiscal_studies_-_ifs.png" border="0" alt="IFS Scotland independence"><p class="source"><span><a href="http://www.ifs.org.uk/publications/7722">IFS</a></span></p></img></div><p></p></div></div></p><p>These figures only represent a forecast and are subject to change if an independent Scotland succeeded in growing substantially faster than the rest of the UK. However, assuming that an independent Scotland's budget would be sustainable relies on a number of heroic assumptions, including revenue per head growing twice as fast in the country than anywhere else in the union. </p><p>Failing that, independence would imply harsher spending cuts than anything we have yet seen in the UK. This is not what Nicola Sturgeon promised when she told the Scottish people of the SNP's determination to "put an end to austerity" during the General Election campaign.</p><p>Sturgeon knows this.</p><p>If there is one thing that 55% of Scottish people roundly rejected in last year's independence referendum, it was the trade-off of becoming poorer in exchange for breaking away from rest of the UK. Any suggestion that this is being put back on the table could result in the SNP's stunning electoral victory on May 7 being the party's last.</p><p>Instead, what the SNP is asking for is the devolution proposed by the Smith Commission of more say over income tax rates and bands on non-savings income, air passenger duty, and the assignment of half of VAT revenues - plus a little bit more. But still well short of full autonomy.</p><p>Sturgeon told the Scottish parliament: <span style="line-height: 1.5em;">"We want to see devolution of powers over employment policy, including the minimum wage, welfare, business taxes, national insurance and equality policy."</span></p><p>What she didn't say (but is implied) is that the Barnett formula, under which funding from Westminster is allocated according to the population size of each nation and which powers are devolved to them, would continue to operate alongside greater devolution. Under it, public spending per head has been 20% higher in Scotland than in England.</p><p>In exchange for such a deal, Cameron is likely to demand that Scottish MPs in Westminster will not be allowed to vote on legislation that only applies to other parts of the union - the much ballyhooed English votes for English laws.</p><p>If he wanted to, however, the Prime Minister could go even further and make devolving further power conditional on setting up a timetable for full fiscal independence in Scotland. That way the free lunch being demanded by Sturgeon would have its sell-by date printed on the package.</p><p>And it's also an important economic problem. The further you go down the road of separating tax and spending policies between parts of a monetary union, the greater the risk you are playing with the economy of the whole.</p><p>If Scotland kept the pound under full autonomy it would still have to put its own finances in order, or else risk the stability of the currency. Moreover, if the economy of the rest of the UK started growing faster than that of Scotland the pound could become a burden on Scots as it would prevent foreign exchange markets providing an pressure valve.</p><p>We've already rehearsed the implications of an incomplete monetary union in the eurozone - and the costs are long periods of high unemployment and bruising economic adjustment in order to achieve through "internal devaluation" what should be done much less painfully through a weaker currency.</p><p>That alone should prevent the Prime Minister from seeking to cede too many new powers to Sturgeon without first asking for a commitment to either get Scotland's fiscal house in order or agree that full fiscal autonomy - a necessary first step to independence - is<span> a hollow promise </span>for the foreseeable future.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/asia-earth-ice-melted-rising-ocean-coastline-china-india-2015-3">Animated map shows what would happen to China if all the Earth's ice melted</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N4a3gwdDqLMD55KdiO1psbPupBAXWBFj" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'N4a3gwdDqLMD55KdiO1psbPupBAXWBFj',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Nicola Sturgeon actually doesn't want a Scottish independence referendum anytime soon - she just can't say that

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5628d9e9bd86ef185c8b8b58-2700-2025/rtr46l6n.jpg" alt="Scotland Flag" data-mce-source="REUTERS/Dylan Martinez" data-mce-caption="A woman waves a Scottish Saltire at a 'Yes' campaign rally in Glasgow, Scotland September 17, 2014. The referendum on Scottish independence will take place on September 18." /><p class="source"><span>REUTERS/Dylan Martinez</span></p><p class="caption">A woman waves a Scottish Saltire at a 'Yes' campaign rally in Glasgow, Scotland September 17, 2014.</p></div><p></p></div></div>Scottish politicians are kicking off in discussions over "English votes for English laws" - a proposal designed to finally solve the dilemma known as the <a href="https://en.wikipedia.org/wiki/West_Lothian_question">West Lothian question</a>.</p><p>It comes as no surprise that Scotland is angry about the proposals, If the last two years have proved anything, it's that Scotland's politicians want a lot for very little in return. They don't really like feeling excluded.</p><p>Meanwhile, Britain's opposition Labour party has  jumped to the aid of the Scottish National Party (SNP) because the party desperately wants to reclaim the support that it lost so spectacularly from Scottish voters..</p><p>If the "English votes for English laws" bill was passes, it will mean Scottish politicians won't be able to vote on health and education-related matters that only affect England-based citizens of the UK. The Scottish National Party (SNP) said the proposals "simply exacerbate the further alienation of Scotland from the UK Parliament" and Labour said it could create "two tiers" of MPs at Westminster.</p><p>But the SNP, which rules in Scotland and won almost every Scottish seat during the 2015 general election, has demonstrated time and time again that it wants to break ties with the rest of the UK, enhance its power and autonomy, and still reap the benefits of being part of the 307-year old union. This includes everything from retaining a strong currency, having their welfare and benefits paid for by predominantly non-Scottish taxpayers, as well as holding on to revenue from anything from property to income tax.</p><p>Now, on top of that, nationalists are getting upset that devolution means they don't get to then have power over bills or laws that wouldn't affect their citizens anyway. </p><h2>Compromise, what compromise?</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5628e2a39dd7cc70408b8bbc-3409-2557/rtr4e4mm.jpg" alt="Nicola Sturgeon" data-mce-source="REUTERS/Cathal McNaughton" data-mce-caption="Nicola Sturgeon reacts as she is formally announced as the new Scottish National Party (SNP) leader at the party conference in Perth November 14, 2014. " /><p class="source"><span>REUTERS/Cathal McNaughton</span></p><p class="caption">Nicola Sturgeon reacts as she is formally announced as the new Scottish National Party (SNP) leader at the party conference in Perth November 14, 2014. </p></div><p></p></div></div>Scots voted for their country to stay part of the UK on September 19. Pro-unionists won by a much closer vote than expected - just over 55% voted "No" when asked "Scotland should be an independent country?" while the 44% opted to leave.</p><p>Arguably, the "No" campaign gained more support in the critical last weeks before the vote because politicians promised that Scotland would gain greater devolved powers should it opt to stay part of the union.</p><p>It was a nice sweetener for those sitting on the fence. After all, during the Scottish independence campaign, the leader of the SNP at the time, Alex Salmond nearly went blue in the face promising Scots things that he couldn't 100% deliver on - a thriving oil economy, keeping the pound, keeping European Union membership, the same levels of welfare provision. </p><p>British politicians are sticking to their word and are giving Scotland even greater powers. The Smith Commission, <a href="https://www.smith-commission.scot/">the report from </a><a href="https://www.smith-commission.scot/">Lord Smith over recommended Scottish devolution powers</a>, includes some pretty hefty changes to the law.</p><p>For example, the report recommends that Scotland be given the power to set income tax rates and bands on earned income, and that all income tax raised in Scotland will stay in Scotland. Holyrood, the seat of the Scottish parliament, will also get greater control over benefits.</p><p>"This agreement is, in itself, an unprecedented achievement. It demanded compromise from all of the parties," said Lord Smith in the report from November last year. "In some cases that meant moving to devolve greater powers than they had previously committed to, while for other parties it meant accepting the outcome would fall short of their ultimate ambitions. It shows that, however difficult, our political leaders can come together, work together, and reach agreement with one another."</p><p>This is a pretty decent trade-off for Scots, considering that they will also still receive pensions and welfare that they can't afford by themselves. The UK Treasury says <span>public spending in Scotland is higher than anywhere else in the UK, and particularly in welfare spending, which is 6% higher north of the border. Basically, Scotland spends beyond its means and the deficit shows that it needs the rest of the UK to bail it out.</span></p><p>Scotland didn't even have to break its marriage to the UK. It managed to get a pretty decent alimony for a divorce that never happened.</p><h2>Why Scotland should stop moaning about the West Lothian Question</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5628ee059dd7cc18008c3e57-3057-2293/rtr46bry.jpg" alt="Britain's Prime Minister David Cameron gestures as he delivers a speech at the Aberdeen Exhibition and Conference Centre in Aberdeen, Scotland September 15, 2014. Cameron appealed to Scots' emotions on his last visit to Scotland before this week's historic referendum by warning them on Monday that a vote to leave the United Kingdom would be irreversible. The referendum on Scottish independence will take place on September 18, when Scotland will vote whether or not to end the 307-year-old union with the rest of the United Kingdom." data-mce-source="REUTERS/Dylan Martinez" data-mce-caption="Britain's Prime Minister David Cameron ." /><p class="source"><span>REUTERS/Dylan Martinez</span></p><p class="caption">Britain's Prime Minister David Cameron during the campaign for Scotland to stay part of the UK.</p></div><p></p></div></div>Scotland currently cannot survive financially by itself. </p><p>It's been proven time and time again through OPEC and other reports that Scotland's economy largely depends on an economy that is dying out - oil. </p><p>OPEC revealed last year that the average oil output from the North Sea in 2013 clocked its lowest level since 1977.</p><p>Bank of England Governor Mark Carney highlighted how the country's dependence on this one source of income is horrifically susceptible to market price fluctuations. He estimated that the <a href="http://www.heraldscotland.com/news/home-news/carney-oil-price-drop-is-a-negative-shock-to-the-scottish-economy.1421249984">oil price plunge alone will hit Scottish GDP by £6 billion</a> over the next year, as around two-thirds of the industry's profits and employment are generated in Scotland.</p><p>Meanwhile, each Scot receives an average of £10,152 in public spending. This is compared to just £8,529 per person in England. If Scotland was to leave the UK, it would have to find other ways to pay for its own welfare and pensions - not an easy feat when it's oil industry is slowly dying.</p><p>The only difference now, despite not being an independent country post-referendum, is that Scotland has all the old benefits of being part of the union with added extras. </p><p>"The Scottish Parliament will be made permanent in UK legislation and given powers over how it is elected and run. The Scottish Government will similarly be made permanent," said the Smith Commission. "The Parliament will also have the power to extend the vote to 16 and 17 year olds, allowing them to vote in the 2016 Scottish Parliament election."</p><p>"These increased powers demand improvements in parliamentary scrutiny and strengthened collaboration between the Scottish and UK Governments. Within these overarching improvements to the devolution settlement, the Parliament will also assume a range of new, important, individual powers in policy areas such as taxation, welfare, employability, transport, energy efficiency, fuel poverty, and onshore oil and gas extraction."</p><p>So why moan about "English votes for English laws"? After all, if they want greater autonomy, why should they get to vote on matters that would impact their residents? Well, because as Scotland demonstrated before, it wants the benefits of marriage and divorce all at the same time. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-board-game-milton-bradley-2015-8">We got our hands on Donald Trump's failed 1989 board game and it's bizarre</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lleTI1dzoJeTirhskwVCdYuFwdmEULhh" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'lleTI1dzoJeTirhskwVCdYuFwdmEULhh',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Scotland is acting like a bitter spouse in a marriage of convenience

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a394d2a4aa6b580708b57e4-1024/gettyimages-895004424.jpg" alt="amtrak crash" data-mce-source="Stephen Brashear/Stringer via Getty Images" data-mce-caption="Trump used Monday's Amtrak derailment to push his infrastructure renewal plan, but while American infrastructure is in desperate need to repair, the crash was likely not tied to the quality of the rail line." data-link="http://www.gettyimages.com/license/895004424" /><p class="source"><span><a href="http://www.gettyimages.com/license/895004424">Stephen Brashear/Stringer via Getty Images</a></span></p><p class="caption">Trump used the Amtrak derailment to push his infrastructure renewal plan, but while American infrastructure is in desperate need to repair, the crash was likely not tied to the quality of the rail line.</p></div><p></p></div></div></p><ul><li><strong>The Amtrak crash earlier this month refocused President Donald Trump's energy on rebuilding the country's infrastructure, and Trump has touted his plan recently.</strong></li><li><strong>America's infrastructure system is dilapidated, fragile, and unsustainable after decades of neglect.</strong></li><li><strong>Trump has only allocated $200 billion in federal funds so far and has yet to provide details on how he plan on incentivizing states, investors, and city governments to put forward funds for the nationwide revamp.</strong></li></ul><hr /><p><br />Following the derailment of an Amtrak train along a new railway bypass in Washington earlier this month, President Donald Trump promoted his long-promised infrastructure plan <a href="https://twitter.com/realDonaldTrump/status/942827072824672262">on Twitter</a>, writing that the disaster showed exactly why America's ailing public transport systems needs a revamp - and fast. </p><p><span>"The train accident that just occurred in DuPont, WA shows more than ever why our soon to be submitted infrastructure plan must be approved quickly. Seven trillion dollars spent in the Middle East while our roads, bridges, tunnels, railways (and more) crumble! Not for long!" Trump wrote.</span></p><p><span>On the heels of his tax reform win earlier this month, Trump touted infrastructure reform as one his goals that is <a href="http://abcnews.go.com/Politics/white-house-gears-infrastructure-push-dubbed-easiest-trump/story?id=52046300">"the easiest of all"</a> to achieve - despite inevitable congressional battles between Democrats and Republicans on funding.</span></p><p>Investigators eventually found that the Washington crash was caused by <a href="http://www.businessinsider.com/amtrak-train-washington-was-travelling-50-mph-above-speed-limit-when-it-crashed-2017-12">irresponsible speeding</a> on the part of train operators rather than outdated railways. But whatever the details of the disaster, Trump's recent statements have refocused public attention on the needs of America's decaying system, which was given a <a href="http://www.businessinsider.com/asce-gives-us-infrastructure-a-d-2017-6/#drinking-water-d-4">D+ rating</a> by the American Society of Civil Engineers (ASCE) this year and lags behind systems in other developed countries in several key areas.</p><p>While the president's plan is still largely in the works, its current iteration has the right idea by seeking both federal and local funding - but with the federal government only covering a narrow 20% of the plan's expected cost, the plan's over-reliance on state and private participation will make it a hard sell on both sides of the aisle on Capitol Hill.</p><h2><span>America's infrastructure is unsustainable, poorly maintained, and under-funded</span></h2><p><span>The low rating the ASCE gave American infrastructure overall is nothing new - the group gave the US the exact same grade in 2013. While some<a href="https://www.infrastructurereportcard.org/americas-grades"> crucial areas</a> like inland waterways, levees, ports, and rail saw slight improvements in quality since 2013, other elements like public transit got worse, leaving the overall state of infrastructure across the country largely unchanged.</span></p><p>The main problem with transportation infrastructure in particular is its age. While America's roads, bridges, railways, and waterways were <a href="http://www.businessinsider.com/americas-infrastructure-falls-short-on-resilience-and-sustainability-2017-7">built to be cutting-edge</a> five decades ago, they have not been adequately updated since then. As a result, infrastructure in the US ranks substantially below its European counterparts in terms of resilience and sustainability - because of poor maintenance over the years, inspectors have found that American infrastructure is inefficient, wasteful, environmentally unfriendly, and does not rebound easily from weather or use-related wear and tear. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a399558b0bcd5ab188b5e67-1280/gettyimages-625362074.jpg" alt="Chicago highway" data-mce-source="Scott Olson/Getty Images" /><p class="source"><span>Scott Olson/Getty Images</span></p><p class="caption">Highway congestion and pollution resulting from poor upkeep has resulted in $160 billion overall in lost revenue in 2014 alone, ASCE says.</p></div><p></p></div></div></p><p><span>A look at just a few of the problems facing America's infrastructure network reveal the deep inadequacies that have resulted from this decades-long lack of attention. Almost <a href="https://www.infrastructurereportcard.org/cat-item/bridges/">40% of America's bridges</a> are 50 years old or older according to the ASCE, and 9.1% of them are in structurally deficient. Roads and highways are becoming more dangerous as a result of inattention, with <a href="https://www.infrastructurereportcard.org/cat-item/roads/">one out of every five miles</a> of highway being in "poor" condition. Railways and waterways, like bridges and roads, suffer from <a href="https://www.infrastructurereportcard.org/cat-item/rail/">out-dated</a> architecture, and <a href="https://www.infrastructurereportcard.org/cat-item/drinking-water/">aging pipe systems</a>, <a href="https://www.infrastructurereportcard.org/cat-item/dams/">poorly maintained dams</a>, and <a href="https://www.infrastructurereportcard.org/cat-item/energy/">strained</a> power grids that all require immediate attention over the next few years if they are to continue functioning in the face of mounting usage and environment-related challenges.</span></p><p><span>At the root of this problem is money. Insufficient funding was one of the leading causes for why the aging US infrastructure system had not been improved - bridges alone require $123 billion to be fully rehabilitated, and although major areas of infrastructure like freight rail has been able to garner large investments for ongoing projects, passenger trains still suffer from a lack of funds.</span></p><h2><span>Trump's plan relies heavily on local funding, but doesn't provide incentives for states to put up their own cash</span></h2><p><span>The biggest problem Trump's infrastructure plan will have to tackle is where to find the $1 trillion needed to repair and modernize America's transportation, power, and water networks.</span></p><p>So far, Trump's plan includes only $200 billion in federal funds - 20% of the necessary funding for the plan - for infrastructure projects and rehabilitations across the country, and expects <a href="https://www.politico.com/story/2017/12/18/trump-seattle-amtrak-crash-infrastructure-plan-302570">the rest</a> to come from private, state, and other local sources, according to Politico. A combination of funding sources seems to be the right move - the <a href="https://www.infrastructurereportcard.org/solutions/investment/">ASCE encourages</a> "dedicated public funding sources on the local, state, and federal levels." </p><p><span>Private investors are certainly willing to engage in major infrastructure projects, and have already started putting money on the line for such projects <a href="http://www.washingtonexaminer.com/private-investors-line-up-to-support-infrastructure-projects-without-trump/article/2638789">without</a> Trump's help. But without plans at the local level, these funds can achieve little, according to Scott Zuchorski, senior director of Fitch Rating's global infrastructure group.</span></p><p><span>"It's a good thing money is available," Zuchorski told the Washington Examiner. "But to put the money to use, there have to be projects. And that requires public-sector support, from a financial standpoint, and to be project champions to ensure the projects get done."</span></p><p><span>Another recommendation of the ASCE was utilizing public-private partnerships for infrastructure projects. While Trump had initially stated that he would expand public-private partnership frameworks set up by the Obama administration, he has since walked back from this proposal after apparently hearing from Vice President Mike Pence that such partnerships <a href="https://www.wsj.com/articles/lawmakers-trump-calls-public-private-infrastructure-partnerships-more-trouble-than-theyre-worth-1506471610">"didn't work"</a> when he was governor of Indiana. </span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a3995d9b0bcd5b9008b615e-2400/gettyimages-631483800.jpg" alt="trump pence" data-mce-source="Spencer Platt/Getty Images" data-mce-caption="President-elect Donald Trump stands with Vice President-elect Mike Pence at a news conference at Trump Tower on January 11, 2017 in New York City." /><p class="source"><span>Spencer Platt/Getty Images</span></p><p class="caption">President-elect Donald Trump stands with Vice President-elect Mike Pence at a <keyword id="6355005" type="COMPANY" weightage="60" keywordseo="News">news</keyword> conference at Trump Tower on January 11, 2017 in New York City.</p></div><p></p></div></div></span></p><p>But now that such partnerships are in question, Trump has to figure out how to secure even the slim federal allowance of $200 billion he hopes to put forward. So far, he has pledged to cut other federal programs to do so, and has floated raising the <a href="http://thehill.com/policy/transportation/366621-five-obstacles-to-trumps-infrastructure-ambitions">federal gasoline tax</a>, which has remained the same for more than 20 years. Rep. Peter DeFazio of Oregon, the top Democrat on the House Transportation Committee, <a href="https://www.politico.com/story/2017/12/14/democrats-trump-infrastructure-pitch-223057">told Politico</a> that the options for Trump are dwindling.</p><p><span>Trump has also pledged to <a href="http://abcnews.go.com/Politics/trump-infrastructure-plan-prevented-deadly-amtrak-derailment-happened/story?id=51872981">cut Amtrak spending</a>, which operates a huge portion of American railways.</span></p><p><span>As for the remaining $800 billion, the Trump administration has stated that it wants states, local governments, and investors to compete for federal funding, and to put forward funds of their own. The ASCE has advocated having the federal government come up with tax credits for states that raise money, and recommended that Washington match local funds.</span></p><p>Democrats and Republicans alike have serious doubts about how Trump would incentivize states to come up with funding on their own.</p><p>"They're not going to do that to repair the Interstates. They're not going to do that to repair the 50,000 bridges that are structurally unsound," Sen. Bill Nelson, a ranking Democrat on the House Transportation Committee, told Politico. "They're not going to do that for the expansion of sewer and water systems and broadband."</p><p>Nelson told Politico that no state would be willing to raise their own taxes to fund infrastructure. The committee's chairman, Bill Shuster, also has his misgivings about Trump's open-ended proposal.</p><p>"Well, I gotta see exactly what they mean by it," Shuster said in reference to state participation. "Some of it sounds a little bit like devolution. And I've not talked to a single governor that wants the federal government not to have a role. It's a national transportation system."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tim-ryan-how-fcc-net-neutrality-repeal-hurt-small-business-trump-2017-12">How the net neutrality repeal will hurt small businesses - including anyone who sells things on sites like Etsy</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/i2prLRwU-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Here's how Trump's infrastructure plan stacks up against the needs of America's roads and railways - and why it too might derail

<p><span style="color: #222222; line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="AP Images" title_caption="Joseph Stiglitz" class="zoomin" href="https://static-ssl.businessinsider.com/image/51ffd70feab8ea597e000004-960/joseph-stiglitz-nobel-2.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/51ffd70feab8ea597e000004-1079-809/joseph-stiglitz-nobel-2.jpg" alt="joseph stiglitz nobel" style="color: #222222; line-height: 22.5px;" border="0" /></a><p class="source"><span><a href="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=stiglitz&amp;showact=results&amp;sort=relevance&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1325437686&amp;pagez=60&amp;cfasstyle=AND&amp;rids=c0f3a6ba3e114c318ea11ba90dede106&amp;dbm=PY2009&amp;page=1&amp;xslt=1&amp;mediatype=Photo">AP Images</a></span></p><p class="caption">Joseph Stiglitz</p></div><p></p></div></div>Nobel prize-winning economist Joseph Stiglitz </span><a href="http://www.heraldscotland.com/comment/columnists/there-is-no-basis-for-this-scaremongering-but-this-is-not-just-about-money.25313968">wrote in the Sunday Herald newspaper</a><span style="color: #222222; line-height: 1.5em;"> that arguments against Scottish independence are missing the point.</span></p>
<p>He says the vote is about the "<span>shared vision and values" of the Scottish people and not "<span>arcane issues about monetary arrangements or economies of scope." Given how close the vote is likely to be it is likely that the economic debates alone will not decide which way it goes, but Stiglitz's own economic case for independence skips over a major problem - drying up oil revenues.</span></span></p>
<p><span><span>He says (emphasis added):</span></span></p>
<p style="padding-left: 30px;">Scotland can make investments in tidal energy, or in its young people; it can strive to increase female labour-force participation and provide for early-years education - both essential for creating a fairer society. It can make these investments, knowing that the country will recapture more of the benefits from them through taxation.</p>
<p style="padding-left: 30px;"><strong>Under current arrangements, while Scotland bears the cost of these social investments, the extra tax revenue resulting from the additional growth from these investments will go overwhelming south of the Border.</strong></p>
<p><span>So does Scotland really bear the cost and fail to reap the benefits of public sector investment? The answer to that very much depends on how you view the current situation. As the <a href="http://www.ifs.org.uk/uploads/publications/bns/bn148.pdf">Institute for Fiscal Studies has pointed out</a>, "</span><span style="line-height: 1.5em;">spending on enterprise and economic development per </span><span style="line-height: 1.5em;">person in Scotland was well over twice as high as the UK-wide average" in the 2012-2013 fiscal year.</span></p>
<p><span style="line-height: 1.5em;">Indeed, c</span><span style="line-height: 1.5em;">apital spending per person has been consistently </span><span style="line-height: 1.5em;">higher in Scotland than in the U.K. as a whole for over a decade, a trend that has sped up since 2010 as the Scottish Government elected to cut capital spending less than the rest of the U.K..</span></p>
<p><span style="line-height: 1.5em;">The decision to protect capital spending, which traditionally gets a higher economic bang for your buck, in the midst of a downturn is one that Westminster has (belatedly) conceded would have been sensible policy. As such, the Scottish Government's actions reflect the positive influence that devolution might have on the U.K. as a whole.</span></p>
<p><span style="line-height: 1.5em;">Yet has Scotland failed to see the benefits of this foresight as Stiglitz suggests?</span></p>
<p><span style="line-height: 1.5em;">Here we get to the contentious part. Excluding oil revenues, Scotland has consistently been running a fiscal deficit for the past 30 years, according to the <a href="http://www.gla.ac.uk/media/media_273150_en.pdf">University of Glasgow's Centre for Public Policy for Regions</a>.</span></p>
<p style="padding-left: 30px;">Scotland's mainland, or onshore, fiscal balance has been in deficit since at least 1980. Over the period 2007-08 to 2011-12, this deficit was between 10-18% of GDP. As such, Scotland has a noticeably higher fiscal deficit than the UK, by around an extra 5½ - 6½ % of GDP.</p>
<p><span style="line-height: 1.5em;">However, if you<em> include</em> North Sea oil revenues the country ran consistent fiscal surpluses through the 1980s and has enjoyed a fiscal advantage over the rest of the U.K. that has only been ceded in recent years. That is, if you assume that an independent Scotland would have had rights over the oil revenues, the country has been a significant net contributor to the rest of the U.K. for decades.</span></p>
<p><div class="KonaFilter image-container display-table float_left click-to-enlarge"><div><div class="image"><a title_source="Office for Budget Responsibility" title_caption="Oil is running out, obviously." class="zoomin" href="https://static-ssl.businessinsider.com/image/5408358569beddd01eb30869-960/obr-oil-and-gas-revenues.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5408358569beddd01eb30869-387-290/obr-oil-and-gas-revenues.png" alt="OBR oil and gas revenues" style="color: #222222; line-height: 22.5px;" border="0" /></a><p class="source"><span><a href="http://cdn.budgetresponsibility.org.uk/41298-OBR-accessible.pdf">Office for Budget Responsibility</a></span></p><p class="caption">Oil is running out, obviously.</p></div><p></p></div></div></p>
<p><span style="line-height: 1.5em;">This analysis, however, is somewhat academic. Scotland was not an independent nation when the oil was discovered and so the windfall that came of it was distributed across the nation as a whole. Moreover, while the revenues still accruing from oil are significant estimates from the Office for Budget Responsibility suggest they are set to decline sharply over the next few years.</span></p>
<p><span style="line-height: 1.5em;">The question then is whether an independent Scotland is likely to be able to better maintain and benefit from its investment in its own people than under the status quo.</span></p>
<p><span style="line-height: 1.5em;">On the one hand it is likely to receive a larger share of the oil revenues, but on the other this windfall may be short-lived. It will receive greater autonomy over its spending, but - if oil runs out - its money will have to go on building up reserves to protect its currency and its financial sector.</span></p>
<p>Current estimates suggest oil revenues will make a negligible contribution to GDP by the end of the next decade. Turning around Scotland's economy from running huge non-oil deficits to a sustainable financial path would have been challenging task even in the absence of having to deal with separation from the rest of the UK. With independence thrown into the mix the scale of the ask both of policymakers and the public is daunting.</p>

You Searched For "tax revenue devolution" and got 9 results

Fiscal deficit hits 115% of Budget Estimate till Nov

PTI

COVID-19: Amarinder urges all CMs to pursue with Centre bailout strategy proposed by him

PTI

Payment to states delayed due to low realisation of GST compensation cess: FM

PTI

American Airlines could be staring down a bankruptcy as the coronavirus pandemic unwinds the airline industry, a JPMorgan analyst warns

David Slotnick

Nicola Sturgeon actually doesn't want a Scottish independence referendum anytime soon - she just can't say that

Tomas Hirst

Scotland is acting like a bitter spouse in a marriage of convenience

Lianna Brinded

Here's how Trump's infrastructure plan stacks up against the needs of America's roads and railways - and why it too might derail

Michal Kranz

Joe Stiglitz Gets One Huge Thing Wrong About The Economics Of An Independent Scotland

Tomas Hirst,Tomas Hirst

Sian Berry, Green Party candidate for mayor of London, talks to us about universal basic income and flat fares on the Tube

Jim Edwards