Scottish independence: ‘Oil revenues to fall’

Lib Dem treasury chief Danny Alexander warned on oil. Picture: Getty

Lib Dem treasury chief Danny Alexander warned on oil. Picture: Getty

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AN INDEPENDENT Scotland would begin with a £4 billion black hole in its finances due to a fall in oil revenues, UK Chief Secretary to the Treasury Danny Alexander said yesterday.

He used a speech to business leaders to claim that in 2016-17 – the SNP’s preferred year of independence – there would be a “significant reduction” in North Sea oil revenues.

Mr Alexander highlighted estimates from the UK’s Office of Budget Responsibility, which, the Liberal Democrat minister claimed, predicted a “downward trajectory over the medium and long term” in oil revenues.
He said it had been forecast that revenues will be about half the average of recent years, amounting to a £4bn loss for
Scotland.

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