ref date:14 Feb 1999 (ECON)
Scots Oil and Gas to finance independent Scotlands entry into European Community
Whether you believe that Scotland has given more cash to London since 1979
via taxes and oil and gas revenue than it has received back into its budget
via the Scottish office, fully released figures will let
you decide for yourself!
The SNP claim (probably correctly) that there has been a £34 billion surplus on paid by the Scots to London.
Figures from a recent academic study by Professor Alex
Kemp of Aberdeen University. For the first time, Kemp has
been able to establish precise figures for the revenues
produced by the Scottish sector during the 1980s and
The SNP is also claiming that Scotland's share of Britain's
national debt has been more than repaid since 1979.
They base this argument on a parliamentary answer by
Patricia Hewitt, the financial chief secretary to the
Treasury, which reveals that Scotland's share of the UK
national debt in 1979 was £13 billion.
According to the SNP, Scotland paid £34 billion into the
national coffers during the next 15 years while Britain
increased its national debt by almost two-thirds, an
increase of £270.3 billion. As a result, party strategists
calculate that Scotland would not be liable to pay £2.5
billion annually of UK debt interest payments. The
Scottish Office says that it would.