Wednesday, 10 October 2018 07:08

IMF REPORT SLAMS UK GOVERNMENT OIL MISMANAGEMENT

ECONOMIC CHAOS UNDER TORIES IS FAILING SCOTLAND

A new report from the International Monetary Fund (IMF) has found the UK's public finances are amongst the weakest in the world. It outlines that a no-deal Brexit could lead to a breakdown of European money markets and urges the Bank of England to prepare to print more money.

The report, a health check on 31 countries, showed the UK at the bottom end of the list, second only to Portugal for financial security. It outlined that the UK is dangerously close to a recession and since the financial crisis a decade ago, there has been a £1 trillion decline in the government’s wealth.

Oil and Gas UK have previously estimated that Treasury receipts for the oil and gas sector reached £350 billion in the last 50 years.

The SNP have long-argued for the establishment of an oil fund to invest the revenues from North Sea oil for public benefit, recently demanding that the £1 billion per year raised in North Sea Revenues is invested in Scottish communities and industry, rather than the coffers of the Treasury.

Commenting, Kirsty Blackman MP said:

“The rhetoric from the Tories at Westminster is that Britannia rules the waves, but this report highlights that the UK financial ship is barely afloat. As we head into even greater uncertainty with the potential for a blind or no-deal Brexit, the financial security of the UK looks to be in even greater peril.

“Successive Tory and Labour governments at Westminster have mismanaged the economic potential of Scotland and the UK, shunning SNP calls to publicly hold oil wealth like Norway that could be worth £500 billion. Now, whilst Norway sits at the top of the list of financially secure nations, the UK ranks second from the bottom whilst private companies profit from a public asset.

“Whilst UK economic mismanagement is failing Scotland, independence offers the chance to take ownership of our own assets and secure our economy for the future. It’s no wonder that there is little faith in the UK Government’s capability when reports like this show the truly dire state of the UK public finances.”

‘Global Financial Stability Report October 2018’ - https://www.imf.org/en/Publications/GFSR/Issues/2018/09/25/Global-Financial-Stability-Report-October-2018

‘SNP calls for recovering oil revenues to be invested in Scotland’ - https://www.holyrood.com/articles/news/snp-calls-recovering-oil-revenues-be-invested-scotland

‘SNP calls for North Sea oil tax revenues to be reinvested in Scotland’ - https://www.scotsman.com/business/companies/energy/snp-calls-for-north-sea-oil-tax-revenues-to-be-reinvested-in-scotland-1-4683248

‘North Sea oil wealth fund would be worth ‘over £500 billion’’ - https://www.scotsman.com/news/politics/north-sea-oil-wealth-fund-would-be-worth-over-500-billion-1-4718376

‘UK Government slammed for losing out on £500bn North Sea wealth fund’ - https://www.commonspace.scot/articles/12611/uk-government-slammed-losing-out-500bn-north-sea-wealth-fund

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