That is correct.
Michael Russell was a panelist on BBC Question Time back in 2018 and he admitted that the Scottish Government could not afford to pay out all the extra welfare powers they had been demanding from Westminster because it cost too much money.
This statement by Russell hit the nail on the head.
The SNP controlled Scottish Government knew that independence was a ‘dead duck’ because instead of being responsible for the current 40% of powers under devolved matters they would be responsible for other 60% of Scottish matters which Westminster are still responsible for.
Another question to consider - how much export tax goes into Westminster coffers from Scottish producers. We have world class and premium product leaving the country - whisky, seafood, smoked salmon (I'll leave oil and gas out) etc. - but where does the tax raised from it when it crosses the border go?
Was very surprised today to hear that smoked salmon is one of Scotland's biggest exports.
Total spirit market in UK worth about £9bn. Scots whisky worth about £1.7bn. It isn't nearly enough to fund anything. Salmon industry is a disgrace, imo. As a keen trout fisher , the pollution caused by the Norwegian owned salmon farms that operate in the sea lochs on the West Coast of Scotland is harming natural stocks of sea trout. Think the Norwegians now insist that their home based fish farms have closed water systems to prevent pollution. Can't see the SNP taking any similar action.
Most of the Scotch whisky distilleries are owned by companies who are either based overseas or in England.
This means that they would not be paying Corporation Tax to an independent Scottish Government.
Whisky distilleries have recently opened up in England and I would not be surprised to see whisky distilleries open in the North of England where the water is similar to the water in Scotland.
If the cutting of peat is still permitted then there are supplies of peat in the hills in the North of England to make peated whisky.
But the SNP believe that independence would be better because we have so much wealth that has been, and much much more importantly is still being, taken to Westminster. Forget trying to explain the Barnett Formula. Just look at the gross taxes raised and duties earned by the Scottish economy. I think that any fair minded person would understand that the numbers do not add up.
The actual level of subsidy might be much larger than the amount that is calculated by the application of the Barnett Formula. I still can't find the figures which is why I can't prove my suspicions.