Oil and Gas Industry

– Scottish Parliament written question – answered on 10th February 2011.

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Photo of Wendy Alexander Wendy Alexander Labour

Question S3W-37243

To ask the Scottish Executive what its position is on how an independent Scotland would use collateral in the remaining North Sea oil and gas reserves to support its banks.

Photo of John Swinney John Swinney Scottish National Party

Scotland’s remaining North Sea oil and gas reserves are estimated to have a potential wholesale value of £1 trillion and act as a significant source of tax revenue for the UK Exchequer. In the next six years alone, the North Sea is forecast to generate £60.5 billion in tax revenue for the UK Exchequer. This compares to the expected £2 billion net cost of all the UK Government’s financial sector interventions forecast in the June 2010 Emergency Budget.

With responsibility for this vast resource, and the opportunity to determine the best approach to financial regulation in Scotland, the Scottish Government would be able to ensure financial stability in the banking system.

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