No economist worth their salt would claim the UK was wise NOT to start an oil fund in the late 1970s’, 1980′s and even 1990′s. As a result of a serious failure to act in a way that was prudent and sensible, rather than Scotland’s massive surplus being put aside for pensions and investment it was used to keep successive Westminster governments afloat. Scotland’s surplus covered massive deficits run up in London. In effect, Scotland’s oil revenues paid for Westminster’s de-industrialisation of the UK and still growing dependency on the highly volatile financial markets centred in London. BfS Gordon MacIntyre-Kemp
Posted on: Thu, 17 Jul 2014 08:34:16 +0000
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