Scotland ‘would set up oil fund’

Oil rig West-Africa27 November 2013, News Wires – Scotland would set up an oil wealth fund if it gained independence from the UK in a vote due to be held in less than one year’s time, according to a governmental white paper released on Tuesday.

A newly-independent nation would also take with it 90% of all the current UK oil and gas reserves in the North Sea, the paper, unveiled by Scotland First Minister Alex Salmond, read.

Scottish people will vote in September next year on whether or not to break away from the UK. If they vote for independence, Scottish Independence Day would be 24 March 2016.

Central to arguments for and against independence are the oil and gas reserves in the North Sea.

The blueprint for independence pointed to Scotland taking its full geographical share of North Sea reserves, leaving just 10% for the rest of the UK.

“This government will make the creation of a Scottish Energy Fund an early priority,” the 670-page white paper read.

Salmond has also proposed that Scotland retain the pound sterling in the event of independence, while the UK’s Trident nuclear weapons, currently kept in Scotland, would be moved out of the country within the first parliament.

– Upstream

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