Scotland’s geographical share of North Sea oil and gas revenue fell by 55%, official figures published today show.
Figures published by the SNP Government show that between the third quarter of 2013 and the third quarter of 2014, Scotland’s geographical share of North Sea revenue fell from £1.192 billion to £536 million -; a drop of 55%.
Today’s figures also show that annual revenue from the North Sea dropped by more than 30% in the year to September 2014.
In the SNP’s White Paper manifesto for independence they based their economic case on an oil price of $113 a barrel. Today the oil price is just $61. In recent weeks the price fell below $50.
Scottish Labour’s Shadow Finance Secretary Jackie Baillie said:
“The plummeting oil price has, first and foremost, put the jobs of thousands in the North East of Scotland at risk. Both the SNP and Tory Governments must take action now to attract greater investment in the North Sea and support those whose jobs are on the line.
“Today’s figures from the SNP Government show just how much Scots were misled by the SNP. The reality is that the dramatic fall in the price of oil has meant the tax we get from the North Sea has plummeted. If we had left the UK that would have put the money we have to spend on schools and hospitals at risk.
“The SNP’s General Election plan for full fiscal autonomy means Scotland would lose our Barnett bonus. It would trade the stability and higher public spending on schools and hospitals that we get from Barnett, for the volatility and cuts with that would come from an over reliance on oil revenues.
“The SNP might think that is good for their election plan, but it’s a bad deal for Scotla