If I recall correctly, the plan for Scottish independence prior to the 2014 referendum relied heavily on North Sea oil revenues.
It seems that, by voting against independence, Scotland has had a very lucky escape, in financial terms.
Of course I could be wrong. Would anybody who supports Scottish nationalism like to explain how Alex Salmond (SNP leader at the time) and his party could have made it work?
The gap between Scotland’s public spending and tax revenues have worsened after the crash in global oil prices led to a deficit last year of nearly £15bn.
The latest official data showed Scotland’s structural deficit was more than twice that of the UK’s last year, after its share of North Sea oil tax revenues slumped steeply from £1.8bn in the previous year to just £60m.
The Government Expenditure and Revenue Scotland (Gers) figures showed that during 2015-16 the country’s tax receipts were £400 less than the UK average at £10,000, after several decades during which oil had pushed Scottish tax receipts above the UK level.
The gap between Scottish tax revenues and spending had also grown sharply, Gers revealed.
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