Business
Shona Robison may ‘potentially revisit’ Scottish taxes in response to UK Budget
Scotland’s Finance Secretary says she may have to “potentially revisit” her tax plans amid reports the Chancellor will increase income tax in the Budget this month.
Shona Robison said the Scottish Government had a “very limited” set of levers to respond if Rachel Reeves makes the tax decision on November 26.
The Fraser of Allander Institute has estimated a 2p income tax hike in the UK Budget could cut Scotland’s funding by £1 billion because of the way the fiscal framework operates.
Ms Robison has requested an urgent meeting with the Chancellor, saying Ms Reeves should ditch her fiscal rules and instead deliver investment “to grow the economy and support people with the cost of living”.
Speaking to BBC Scotland’s Sunday Show, Ms Robison said the fiscal framework does not take account of changes to national insurance – another levy the Chancellor is reportedly considering changing.
The fiscal framework governs the public money coming to the Scottish Government, but Ms Robison said the system is now in “uncharted territory” as it did not envisage simultaneous changes to both income tax and national insurance.
Ms Robison was asked if she would raise Scottish income tax rates in response to any income tax increase in the Chancellor’s Budget.
She said: “I’m not going to set out here today what our plans for income tax are when we don’t know what we’re going to face on the 26th…
“If we end up in this scenario, then the levers available to us are very limited.
“Unless there is flexibility given to us through the fiscal framework – which would be my first ask, that we need to have that flexibility.
“Because we don’t want to raise taxes, we had already set out in the tax strategy that we want to see that stability till the end of the Parliament.
“But in the event of unforeseen exceptional circumstances, clearly we would have to potentially revisit that.”
Under the devolution settlement, the Scottish Government has powers to adjust income tax rates north of the border.
An HM Treasury spokesperson said earlier: “Our record funding settlement for Scotland will mean over 20% more funding per head than the rest of the UK.
“We have also confirmed £8.3 billion in funding for GB Energy-Nuclear and GB Energy in Aberdeen, up to £750 million for a new supercomputer at Edinburgh University, and are investing £452 million over four years for City and Growth Deals across Scotland.
“This investment is all possible because our fiscal rules are non-negotiable, they are the basis of the stability which underpins growth.”
Business
India’s Forex Reserves Surge $4.36 Billion To $693 Billion, Gold Holding Rises $2.6 Billion
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India’s Latest Forex Reserves: The value of the gold reserves jumps $2.623 billion to $110.365 billion during the week ended December 19.
India’s Latest Forex Reserves.
India’s foreign exchange (forex) reserves surged $4.368 billion to $693.318 billion during the week ended December 19, according to the latest data from the Reserve Bank of India (RBI). The value of the gold reserves jumped $2.623 billion to $110.365 billion during the week.
The overall kitty had increased by $1.689 billion to $688.949 billion in the previous week.
For the week ended December 19, foreign currency assets, a major component of the reserves, increased by $1.641 billion to $559.428 billion, according to the Reserve Bank of India’s latest ‘Weekly Statistical Supplement’ data.
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
The special drawing rights (SDRs) were up by $8 million to $18.744 billion.
India’s reserve position with the IMF was up by $95 million to $4.782 billion in the week, according to the RBI data.
The price of the safe-haven asset gold has been on a sharp uptrend over recent months, perhaps amid heightened global uncertainties and robust investment demand.
After the last monetary policy review meeting, the RBI had said that the country’s foreign exchange reserves were sufficient to cover more than 11 months of merchandise imports. Overall, India’s external sector remains resilient, and the RBI is confident it can comfortably meet external financing requirements.
In 2023, India added around $58 billion to its foreign exchange reserves, contrasting with a cumulative decline of $71 billion in 2022. In 2024, reserves rose by just over $20 billion. So far in 2025, the forex kitty has increased by about $47-48 billion, according to data.
Foreign exchange reserves, or FX reserves, are assets held by a nation’s central bank or monetary authority, primarily in reserve currencies such as the US dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling.
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December 27, 2025, 08:17 IST
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MUMBAI: The Irdai on Friday, fined Reliance General Insurance Rs 1 crore in Hyderabad for routing unauthorised payouts through marketing and awareness expenses that amounted to disguised commissions. The penalty follows Irdai’s examination of transactions across FY19, FY20 and FY21. According to the regulator, the insurer channeled payments to brokers, agents, corporate agents and unlicensed entities under labels such as consumer awareness, marketing and advertising.
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ISLAMABAD:
Pakistan has registered 144 olive startups as part of a decade-long government initiative aimed at developing the olive sector.
Olive Promotional Programme National Project Director Dr Muhammad Tariq told Wealth Pakistan that the sector had recorded rapid growth over the past 10 years due to sustained government backing.
“Ten years ago, when the government started this programme, we had only one entrepreneur. Today, we have 144 startups and entrepreneurs. It is a very fast-growing sector,” he said.
Tariq noted that the government’s continued support had played a central role in transforming the olive sector into a viable agro-industry. The federal minister for national food security has also taken steps to strengthen the sector by pursuing Pakistan’s full membership at the International Olive Council. “Hopefully, there will be progress within three months,” he said.
India’s Forex Reserves Surge $4.36 Billion To $693 Billion, Gold Holding Rises $2.6 Billion
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