UK Government quiet on Norwegian ‘over-reliance’

The publication of the latest Government Expenditure and Revenue Statistics yet again show Scotland in a financially better position than the UK to the tune of £824 per person.

And yet those against Scottish independence argue that an independent Scotland would not be sustainable due to the volatility of oil prices.

This is rather peculiar considering that less than a fifth of Scotland’s income is based on oil revenues, whereas in Norway, one of the richest nations in the world, around a third of its income is based on oil revenues. This year that nation is set to record a budget surplus of £30billion, some of which will be locked away in its oil fund, now valued at well over £400billion.

Curiously, the UK Government has been rather quiet in its criticism of the Norwegian economy and its “over-reliance” on oil revenues to balance the books.

Rather than frittering away our black gold into the Treasury black hole, we should be looking at locking some of the over a trillion pounds in oil revenues still left in the North Sea into such a fund. Independence will not only allow us to do this, but also put in place the necessary economic levers that will allow our economy to grow and flourish, free from the UK straitjacket.

Alex Orr

Leamington Terrace