First Minister Alex Salmond has called for North Sea taxation to be devolved to Holyrood arguing that Scotland should start to benefit from its vast resources.
The establishment of a Norwegian-style oil fund would deliver billions of pounds of benefits to Scotland, First Minister Alex Salmond said in Oslo today.
First Minister Alex Salmond has called for North Sea taxation to be devolved to Holyrood arguing that Scotland should start to benefit from its vast resources.
The establishment of a Norwegian-style oil fund would deliver billions of pounds of benefits to Scotland, First Minister Alex Salmond said in Oslo today.
Following a meeting with the Norwegian Finance Minister Sigbjørn Johnsen, Mr Salmond highlighted the case for devolving control of North Sea taxation and production to the Scottish Parliament so that Scotland can ‘directly reap the benefits’ of its vast natural energy resources.
Norway’s oil fund is worth over £300 billion and in the UK £242 billion of tax revenue has come from Scottish waters over the past 30 years.
During their meeting at the Finance Ministry in Oslo, Mr Salmond and Mr Johnsen discussed the Norwegian Oil Fund, the benefits it has secured for Norwegians and lessons Scotland can learn from the way their fund is managed and operated.
The First Minister is in Norway to explore how Scottish and Norwegian Governments can deepen co-operation on energy matters.
First Minister Alex Salmond said:
“Norway has much in common with Scotland – we have a similar-sized population and are both rich in natural energy resources that have the capacity to deliver vast benefits to our citizens.
“The Scottish Government is working to strengthen economic links with this successful European country and shares its vision of having an Oil Fund that utilises the resources we have now, to leave a sustainable lasting legacy for future generations.
“Norway’s oil fund is worth over £300 billion and a similar scheme for Scotland would help secure billions of pounds for our communities. More than £240 billion of tax revenue has come directly from Scottish waters over the past 30 years and it is only fair that Scots should reap the rewards of our rich energy resources.
“Investing a portion of North Sea revenues in an oil fund could provide greater stability, protect the economy and support the creation of a low carbon economy. I am keen for Scotland to learn from Norway and to experience the benefits of investing a share of energy revenues into a fund that provides a permanent source of wealth for our nation.”
