Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 11:30 am on 24th February 2016.

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Photo of David Cameron David Cameron The Prime Minister, Leader of the Conservative Party 11:30 am, 24th February 2016

In the Budget last year, we reduced the burden of tax on oil and gas—something that we were able to do because of the broad shoulders of the UK. Now let us just examine what has happened since that time. Oil and gas revenues are down by 94%. If it were not for the broad shoulders of the UK Government and if instead this was a genuinely fiscally independent Scotland, there would be a massive black hole in its budget, and it would be cutting welfare, cutting spending, putting up taxes and facing a financial catastrophe.