GERS SURPLUS MAKES OIL FUND UNDENIABLE

GERS SURPLUS MAKES OIL FUND UNDENIABLE

SCOTLAND £2.3 BILLION IN BLACK OVER LAST THREE YEARS

Welcoming today’s announcement by the Scottish Government’s Finance Cabinet Secretary, John Swinney, today (Thursday) for a Scottish Oil Fund, SNP MSP Joe FitzPatrick – a member of the Scottish Parliament’s Finance Committee – said the benefits of such a fund could no longer be denied by the opposition party, since the official figures already show Scotland has been in surplus by £2.3 billion over the previous three years.

The latest GERS report [Government Expenditure & Revenue Scotland] shows Scotland with a current budget surplus of £219 million, or 0.2 per cent of GDP – compared with a UK deficit of £5.3 billion, or 0.4 per cent of GDP. Scotland has been in current budget surplus now for three years, to the tune of almost £2.3 billion, confirming that Scotland stands on a strong financial footing – stronger than the UK as a whole.

Commenting on today’s announcement by Mr Swinney, Mr FitzPatrick said;

“The official figures demonstrate that Scotland is in surplus – in a stronger budget position than the UK as a whole – and an oil fund would transform Scotland just as it has transformed Norway, Alaska and Alberta. Those parties who would do down Scotland’s economic potential can no longer deny Scotland’s need for an oil fund, or our ability to prosper as a normal independent country.

“With a three year surplus of £2.3 billion, the GERS report shows Scotland would be in a far healthier financial position than the UK as a whole. With an oil fund we would be able to prosper further.

“It is clear the flow of resources is from Scotland to the rest of the UK, not the other way round as the London parties would like people to believe as they try and sap Scottish confidence.

“Even before this recession, Scotland’s revenues have been propping up Gordon Brown’s overdraft instead of being invested in our economic future. With an oil fund Scotland could start to invest in the future. The naysayers and doom-mongers will need to rethink their position.

“With access to our own resources – just like every other oil-rich nation – Scotland will be well placed to thrive and invest in a successful future.”