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2 October 2013

Stevenson Welcomes Report from Fiscal Commission Working Group

SNP Banffshire & Buchan Coast MSP Stewart Stevenson has welcomed the second report from the Fiscal Commission Working Group recommending that both a short-term and long-term savings fund be established immediately following independence.

The Working Group highlighted the economic opportunities that Scotland’s oil and gas wealth presents and how to best maximise on these so to secure long-lasting prosperity for generations to come.

The only other major oil producing country in the world that doesn’t have an oil fund is Iraq – but it does have a form of investment through its Development Fund.

Commenting afterwards, Mr Stevenson said

“The report highlights that if oil resources had been invested into a savings fund in the past then the country could now have accumulated financial assets of between £82 billion and £116 billion, as opposed to a share of the UK’s huge debt.

“Successive Westminster Governments have used North Sea oil as a short-term cash cow to be squeezed at every opportunity to prop up the Treasury’s crumbling books.

“Such an analysis of the reality of where our wealth has gone makes it difficult for Anti-Independence politicians to insist that together is better.

“The report reinforces what has been clear to the SNP all along—Scotland has as suitable macroeconomic framework in place that is based on a realistic picture of our resources."
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