The lengths the former UK Labour government went to to hide Scotland's oil wealth from Scots voters in the 70's and 80's has been described as "deceit and desperation" by SNP Treasury spokesperson Stewart Hosie MP as New archive material in today’s Press and Journal reveals evidence from secret Cabinet papers of a Foreign Office-inspired plot to undermine SNP claims in the 1970s that “It's Scotland's Oil”.

As Scotland waits to hear what spending cuts will be imposed on the nation by the UK Tory/LibDem government various news reports have strengthened the case for Scotland to control its own finances.

Following on from reports today (Friday) that a ‘major’ discovery of oil in the North Sea, Aberdeen North MSP Brian Adam has renewed Prof. Josef Stiglitz call for an Oil Fund. The Nobel Prize winner and former Chief Economist of the World Bank, said on BBC Scotland’s Newsnight programme on Tuesday (24th August) that the UK had “squandered" it's oil wealth and that it is now "imperative" an oil fund is established to secure the wealth that remains under the North Sea for future generations.

The UK has "squandered" it's oil wealth and it is "imperative" an oil fund is set up now to secure the wealth that remains under the North Sea for
future generations according Nobel prize winning economist Joseph Stiglitz.

SNP MEP Alyn Smith has tonight expressed his disappointment that EU Energy Commissioner Günther Oettinger has remained steadfast in his commitment to a total ban on new oil exploration in the EU.

Commenting on the report that the Norwegian oil fund recorded a 25.6% return on investments in 2009, the SNP's Westminster Treasury spokesperson, Stewart Hosie MP, said that future revenues from Scotland's oil should also be invested for Scotland's future in order to help protect and create jobs.

Research by the SNP has revealed that the Falkland Islands Government is set to benefit from any oil discovered there - while revenues from North Sea oil continue to prop up the UK's ailing finances.