Warning over promise of North Sea oil boom for Scotland
ByThe Courier Reporter
The Scottish Secretary has warned of caution when debating the future of North Sea oil in terms of Scottish independence.
Michael Moore said Scottish ministers must stick to the facts about the challenges facing the industry, which is predicted to see a fall in revenues in 2016/17.
Mr Moore said: “Because of the size and scale of the UK economy, we were able to use the last budget to announce new tax reliefs and guaranteed support for decommissioning costs (for the oil industry).
“But this does not mean increased revenues now. It does not eradicate the economic challenge for smaller countries relying on volatile oil prices. It does not change the long-term fiscal outlook for Scotland.”
However, Finance Secretary John Swinney, writing in a Sunday paper, claimed Scotland was facing a “massive North Sea boom” in the early years following the 2014 referendum.
Warning over promise of North Sea oil boom for Scotland