>> Monday, 5 November 2012
The contrast between Norway’s financial security and the UK’s economy drowning in debt presents an overwhelming case for the people of Scotland to aim high and vote Yes for an independent Scotland in 2014, an SNP MSP has said.
Norway's Oil Fund grew $29.3billion to $660billion making it the richest sovereign wealth fund in the world, according to the latest rankings issued by the Sovereign Wealth Fund Institute (SWFI).
Meanwhile, the UK economy continues to struggle - dwindling in a deficit this year to the tune of £120billon – pushing national debt to over £1billion.
Maureen Watt, SNP MSP for Aberdeen South and North Kincardine, said:
“Norway’s success of utilising natural resources for their countries future needs stands in stark contrast to the ailing UK economy which has stagnant growth and spiralling debts.
“With an estimated 24 billion barrels of oil and over half the value still to be extracted, it is clear that the North Sea oil & gas sector will continue to have a strong future ahead of it for decades to come.
“However, what is essential is that the industry is no longer treated as a cash-cow to prop up the books at the Treasury and is instead managed well for the long-term.
“An independent Scotland would rightly manage our resources in a way that secures a sustainable legacy for future generations, including the development of an oil fund as fiscal conditions allow.
“That is the responsible thing to do, and it is clear that it will only be possible following a Yes vote in 2014.”