Oil would give Scotland £4.4 billion surplus

Cabinet Secretary for Finance John Swinney has welcomed a report by accountancy firm Grant Thornton showing an Independent Scotland would have a budget surplus of at least £4.4 billion.

The report shows that if an Independent Scotland received only 82.5% of North Sea Oil and Gas revenues Scotland would have a budget surplus of £4.4 billion, with 95% of revenues this would increase to £6.2 billion.

The report comes on the same day as John Swinney wrote to UK Chancellor Alasdair Darling to begin talks on fiscal independence for Scotland, including greater control of fuel prices and oil and gas revenues.

Mr Swinney said:

“It is abundantly clear that Westminster’s financial black hole is being filled with Scotland’s black, black oil.

“At a time when soaring oil revenues are contributing to a multi-billion pound Scottish budget surplus, Westminster’s sky high fuel duty policy is imposing unacceptable hikes in petrol and diesel prices in Scotland.

“With our North Sea resources, an independent Scotland would be the 3rd richest nation in the EU in terms of wealth per head – compared to the UK’s current 7th place – so there can be no doubt that the present flow of resources is north to south, not the other way round.

“After generations of sending North Sea revenues to Westminster, it is vital that Scotland has access to and benefits from our own resources. It cannot be right that we have fuel poverty and soaring road fuel prices amid this energy plenty. That is why I have written to the Chancellor, seeking talks on greater financial independence for Scotland, including a transfer of oil and gas resources to the Scottish Parliament, so that we can invest in Scotland’s long-term economic interests.”