Oiling the wheels

Judging from F Mackintosh’s letter (1 April), which queries where Scotland’s money would come from, the Yes campaign needs to undertake a massive educational programme if it is to succeed next year.

Norway’s oil revenues amount to almost a quarter of the country’s total income and it is more dependent on oil than Scotland is. Yet no-one is suggesting a bleak future for Norway.

Currently oil revenues account for around one sixth of Scotland’s total revenues and this figure is matched by income tax, National Insurance contributions and VAT revenues, all of which are broadly in line with UK levels.

Sign up to our Opinion newsletter

Sign up to our Opinion newsletter

This is augmented by all the other normal duties and taxes.

On the expenditure side, £1 billion could be saved from the population share of UK defence costs attributed to Scotland under the latest GERS figures.

Even if the Office for Budget Responsibility’s very pessimistic estimates of future oil revenues were to come to pass, we would still be financially better off 
with independence when compared with remaining as part of the UK.

Andrew Rosie