---

Scotland Bill

Indeed, one of the benefits of being part of the United Kingdom is that we enjoy a fiscal union in which there are significant fiscal transfers from the UK level to Scotland. The evidence published in January 2010 by my right hon. Friend the Member for East Renfrewshire (Mr Murphy), when he was Secretary of State for Scotland, indicated that in the 20 years running up to 2008, fiscal transfers of about £75 billion had taken place. That is the Union dividend; that is the benefit that Scotland has obtained from remaining part of the United Kingdom, and we will defend that in the debates in the coming months. These powers to meet any differences between forecasts and actual receipts of income tax rise to a cumulative limit of £500 million and permit an annual increase in capital investment of up to £230 million per year, subject to a cumulative limit of £2.2 billion from the national loans fund, the Public Works Loans Board or commercial banks. We welcome the fact that the Scottish Government have not persisted with their demands on the devolution in the Bill of corporation tax or excise duty, which would not be in the interests of the people of Scotland at this time. Finally, may I say that we offer our support for this amendment and the others in this group?