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SNP claims finance report proves ‘stronger’ Scotland |
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Wednesday, 25 April 2007 |
The SNP has seized on a report in the Financial Times today that claims that an independent Scotland would be in a better position than the rest of the UK.
However, the report also states that Scotland would have to choose
between raising taxes and cutting public spending within a decade as
oil revenues fall.
Commenting on the report SNP finance spokesman John Swinney said:
“Even without correcting the mistakes of GERS, this report finds that
Scotland is in a substantially healthier financial position than the UK
as a whole – which is just one indicator of the huge economic
opportunity that Scotland has. Scotland can choose a new government
next Thursday to start to build on that opportunity, and then choose
independence in a referendum in 2010.
“The UK would not currently be able to meet the Maastricht criteria of
having a budget deficit less than 3 per cent of GDP without Scottish
oil – a clear indication that the financial flow goes from north to
south.
“Over the next six years, oil revenues are forecast by the Treasury to
be £55 billion – way up from the £34 billion over the last six years.
The opportunity is to ensure that Scotland secures the benefit from
this enormous asset.
“These facts make Gordon Brown’s scaremongering about Scotland look out of place and out of time.”
The FT says that the high level of oil prices would allow Scotland to
declare independence and in 2007-08 would have lower government
borrowing than the UK. However, within ten years, the country would
have to cut dependency on North Sea revenues.
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Last Updated ( Wednesday, 25 April 2007 )
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