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Private paper is smoking gun over debate on oil fund

October 10, 2013 1:52 PM
Originally published by Scottish Liberal Democrats

Commenting on a private paper on oil written by Scottish Government officials, which states that an oil fund would have to be paid for through an increase in taxation, a reduction in public spending or through borrowing, Scottish Liberal Democrat leader Willie Rennie MSP said:

"We've found the smoking gun. SNP Ministers are keeping a smile on forWillie RennieWillie Rennie the cameras but in private they know that every penny of oil revenue would be needed to maintain current public spending commitments in an independent Scotland.

"This private paper shows that if an independent Scotland was to create an oil fund from the off it would have to be funded by increases in taxation, cuts to public spending or more borrowing. This is the basic economics which the SNP ignore because it's not convenient to their argument for independence.

"The financial crisis taught us that we need to live in the real world. This secret paper shows that the SNP are knowingly basing their independence oil fund on fantasy and spin. After the scandal over EU legal advice and John Swinney's leaked paper people can see that the nationalists have no intention of having an honest debate about their independence plans."