Scottish Fiscal Commission
The RSE has responded to the Scottish Parliament Finance Committee’s consideration of the Scottish Fiscal Commission (Scotland) Bill. Professor Jeremy Peat OBE FRSE will represent the RSE when the Finance Committee takes evidence on the Bill on Wednesday 18th November.
The purpose of the Bill is to establish the Scottish Fiscal Commission on a statutory basis, thereby formalising its role in scrutinising the operation of Scotland’s devolved fiscal framework.
The RSE has made a longstanding contribution to the debate around the provision of independent fiscal forecasting and analysis in Scotland. The rationale for the establishment of the Commission is to strengthen independent scrutiny of Scotland’s public finances. If the Commission is to provide an independent assessment of the reasonableness of the Scottish Government’s forecasts, it is essential that it has no role in their production.
The RSE is also firmly of the view that the Commission should be capable of producing its own independent fiscal forecasts in assessing the Scottish Government’s fiscal projections.
The Commission’s functions should also include assessing the performance of the Scottish Government against its fiscal targets and an assessment of the long-term sustainability of the public finances.
The full response can be found here.