Scotland's Fiscal Future (London event)

After months of difficult negotiations, a new Fiscal Framework for Scotland to accompany its new tax and welfare powers has been agreed. In this event, David Bell(University of Stirling and the Centre on Constitutional Change), David Eiser (University of Stirling and the Centre on Constitutional Change) and David Phillips (Institute for Fiscal Studies) will examine the agreement, paying particular attention to one key part: the adjustments to Scotland's block grant to account for the devolved revenues and additional spending responsibilities the Scottish Government will soon have.

There will be a brief overview of the agreed Fiscal Framework. We will then focus on the block grant adjustment by explaining and analysing:

• The journey to agreement between the two governments on this issue - which was perhaps the most difficult issue to resolve
• How the agreed block grant adjustment sits in relation to the "no detriment" and other principles of the Smith Commission's report
• How the Scottish Government's budget may evolve under different scenarios for revenue growth
• The fiscal risks and incentives the Scottish Government will face, both year-to-year and over the longer term
• The extent to which new borrowing powers allow Scotland to manage the risk of volatile revenues and welfare spending
• And how the system compares to those in other major countries with devolved government

Refreshments will be available during registration from 9.00am.