SNP proposes Oil Windfall Fund
Scottish nationalists will today put forward proposals to invest Scotland’s oil revenues for the benefit of the Scottish people.
The Scottish National Party wants to set up an Oil Windfall Fund to “ensure the legacy of oil is a lasting one” and to stop the Treasury from “frittering away Scotland’s oil wealth”.
It will put forward proposals for the fund, which is based on Norway’s Petroleum Fund, during a debate in the Scottish Parliament.
Under the Norwegian model, the government transfers wealth from oil and gas reserves to a broad portfolio of international securities to help buffer the country’s fiscal and monetary policy against variations in the oil price and production volume.
SNP Deputy Leader Nicola Sturgeon pointed out that oil and gas revenues have topped £32 billion since Labour came to power.
She said: “Rather than allowing Scotland’s share of this resource to be squandered by the Treasury we should invest it to ensure that the legacy of oil is a lasting one that can benefit every individual and community across the country.”
According to the SNP, Norway’s Petroleum Fund, which was started in 1995, is now worth £89 billion or £18,000 for every person in the country.
“If Scotland were to establish a similar scheme now we could guarantee that the financial and economic benefits of oil could be used for decades to come.”
She added: “These are Scotland’s resources, and the Scottish people have a right to benefit directly from them. We should invest this money now, not allow the Treasury to fritter away Scotland’s oil wealth.”
