SECRET 1970’s PAPER REVEALS OIL OWNERSHIP WOULD BOOST SCOTTISH INCOME BY 30%.

SECRET 1970’s PAPER REVEALS OIL OWNERSHIP WOULD BOOST SCOTTISH INCOME BY 30%.

Civil servants calculated that North Sea oil could boost incomes in an independent Scotland by up to 30% according to government records made public today at the National Archives of Scotland in Edinburgh.

SNP MSP and Chief Whip Brian Adam, who represents Aberdeen North, said the papers reflected the McCrone papers and others which revealed the lengths to which both Labour and Conservative Government’s went to keep Scotland from her oil wealth.

Commenting Mr Adam said:

“These explosive figures confirm yet again what the SNP said at the time and what revelations have shown over last few years – that Scotland would have boomed with ownership of its oil revenues.

"Scotland would have flourished as an independent nation and investing in an oil fund would have built a firm foundation for Scotland's future. These figures show the missed opportunity that came from UK control of Scotland's oil revenues.

“There is a real sense of déjà vu with these revelations. In Brighton we hear Labour politicians scaremongering Scots about the 1980’s – the very decade huge oil revenues underpinned Margaret Thatcher’s destruction of Scotland’s economy.

“Scotland’s oil industry has a bright future with an estimated 30 billion barrels of oil still to be extracted, new technology developing and a central role in the global oil industry.

“There is as much oil left in the North Sea as has been taken out of it – and much more than half of the revenues. Scotland’s oil industry has a positive future.

With the UK making £250 billion of revenue from North Sea oil over the last 30 years in real terms, it is now time to ensure that future revenues are invested properly for Scotland’s future.

“In the 1970’s requests for an oil fund were turned down – a repetition of this failure by Labour in the 21st century would be unforgivable.

“The UK Government must see the error of its ways and enable Scotland to invest our own oil revenues for our future.

“Oil has become the new taboo for Scottish Labour. It must not be another missed opportunity for Scotland.

“The lessons of 30 years ago must be learnt – and applied to ensure Scotland’s prosperity is a thriving one.”