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Question

John Mason, Could you guarantee voters that an independent Scotland wouldn't mean an accompanying lowering of the standard of living - especially in areas like Glagow East?
Asked by Wrighty on Jul 16 2008 3:43:16 AM and supported by 21 members
21

Answer

The most recent figures on Scotland's economy show that with only 85% of
oil revenues from the North Sea coming to Scotland the Scottish economy
would be in a far healthier position than that of the UK, infact it would
be in surplus whilst the UK economy currently has a huge deficit. With
such a resource at scotland's disposal living standards would be on the
increase. Norway, which is of a similar size and population with a
similar north sea oil industry is recognised as having one of the highest
living standards in the world. The Norwegian government has also taken
action to insure itself against declining oil reserves by investing some
of the revenue from oil in an oil fund that is able to invest in new
technologies and industry, support pensions and provide a long term gain
from oil resources. I would want to see Scotland take the same action and
hope that my election will lead Gordon Brown to return a share of the
current oil windfall to Scotland to start such a fund. MORE!

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James Purnell Margaret Curran John Mason Ian Robertson Paul Hudson Ian Levitt Tom Watson MP Lynne Featherstone Davena Rankin Simon Bradshaw Alex Salmond Douglas Carswell David Beckham Derek Wyatt Rt Hon John Denham MP