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Rennie: SNP can't ignore reality when it comes to oil fund

April 17, 2013 3:44 PM
Originally published by Scottish Liberal Democrats

Commenting on a piece by academic experts Iain McLean, Jim GallagherWillie RennieWillie Rennie and Guy Lodge, which says that an independent Scotland could have an oil fund but would need to raise taxes or cut public spending, Scottish Liberal Democrat leader Willie Rennie MSP said:

"These experts have pointed out an obvious conundrum facing the SNP's independence plans. If an independent Scotland was to put aside taxes into an oil fund, it would need to plug the remaining black hole in its revenues.

"That would mean cuts to public sector jobs, higher taxes or more borrowing. With fifteen percent of income based on a volatile, declining and finite resource, this is a huge elephant in the room which the SNP can't continue to publicly ignore. The nationalists need to be clear with people about their independence promises and what they would really mean for people in Scotland."