SNP WESTMINSTER LEADER MEETS OIL FUND CHIEF

SNP WESTMINSTER LEADER MEETS OIL FUND CHIEF

NORWEGIAN OIL FUND SET TO DOUBLE IN 10 YEARS

SNP Westminster Leader and Foreign Affairs Spokesperson, Angus Robertson MP, has met with Dag Drydal, Chief Strategic Relations Officer of the Norwegian Oil Fund - Norges Bank Investment Management - on a visit to the country this week.

At the meeting, Mr Robertson heard that that value of the Norwegian oil fund was set to double in the next 10 years, from $430bn to $850bn. Last quarter - Q3 - saw biggest return ever, with a 13% increase. The fund now owns almost 1.8% of stocks in European listed companies and employs 240 people globally.

This good news for the Norwegian economy comes as the UK Government’s Pre-Budget report confirmed an £800m cut to the Scottish Government’s Budget despite revenue from the North Sea propping up the UK economy.

Commenting, Mr Robertson said:

“The real cost of the Union is becoming painfully apparent. Scottish oil revenues are flowing directly into the UK Treasury’s coffers while the Scottish budget is raided to fill a black hole in the UK

“While the UK Government are squandering this money on nuclear weapons the Scottish people neither want nor need they are slashing Scotland’s budget for frontline services.

“In stark contrast, the Norwegian Government is investing in its future.

“Their oil fund started in 1996 is now worth $430bn and that is set to double in the next decade. Contrast this with the UK Labour Government who are warning about 10 years of austerity.

“The SNP want to harness the benefit of our oil revenues for future years. A Scottish oil fund can provide greater stability, protect our economy and support the transition to a low carbon economy.

“This week’s events have thrown into sharp relief the pressing need for Scotland to have the full fiscal powers of an independent nation. An independent Scotland would be able to directly address the needs and wants of the people of Scotland, giving us control over the way our country is run – including the ability to set up this vital fund.

“The UK is the last G20 country to still be in recession, London Labour’s mismanagement of the economy is hitting Scotland to the tune of £800 million, which equates to 5000 jobs in Scotland. This is the real union dividend. Never before has it been so clear - Scotland needs her independence.”