Tag Archives: oil revenues

65,000 job losses doesn’t constitute an employment crisis, according to SNP MSP

One of the weirdest things about Scotland at the moment is that there is no great sense of an asteroid, let alone a bullet, being dodged. The SNP’s predictions about oil prices, based on them being around $113 a barrel, have been shown to be well wide of the mark. They said we’d have this massive oil boom. That’s before some of their more excitable supporters started going on about secret oil fields whose existence was being kept from us by a malevolent Westminster establishment.

Nobody really appreciates how lucky we are. Scots could be facing independence, which the SNP had said would happen on 24th March this year, that’s in less than 10 weeks’ time,  with the price of oil barely above a third of their estimates. It wouldn’t be much freedom for people who desperately needed public services. There would have to be either massive cuts or massive tax rises to cope with that massive hole in the public finances.

The plummeting oil price had, according to Oil and Gas UK, cost 65,000 jobs as far back as last September. It’s had a devastating effect on the economy of North East Scotland. Aberdeenshire West MSP Dennis Robertson doesn’t seem to think so, though. He said that there was no jobs crisis in the North East.

From the Official Report:

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Willie Rennie on Newsnight Scotland: You have to be cautious when you predict oil revenues

There’s been a bit of a stooshie over future North Sea oil revenues in the last week or so. First, as the BBC tells us, a leaked draft of a Scottish Government report said that volatility in projecting revenues created uncertainty and could lead to spending cuts. Now, Alex Salmond tells us that it’ll all be fine and there’ll be a great big oil boom just as Scotland becomes independent. The SNP projections for the first year of independence are pretty much double what the OBR predicts.

Scottish Liberal Democrat leader Willie Rennie went on Newsnight Scotland on Monday night …

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  • User AvatarJoseph Bourke 6th Dec - 1:04am
    The proposal for running a current spending surplus over the course of an economic cycle (excluding capital spending) comes from the work undertaken by the...
  • User AvatarMichael BG 6th Dec - 1:00am
    Peter Martin, Did you actually read what I wrote? – “I would hope that if we remain in the EU economic growth can get to...
  • User AvatarDavid Allen 5th Dec - 11:20pm
    Matthew Huntbach, Yes, you've tried. I have tried. Quite a few others - some leaning toward "loyalist", others leaning toward "dissident", have also tried. I...
  • User AvatarRural Radical 5th Dec - 10:40pm
    This is a great article, albeit on a theme that needs wider development outside the heat of an election. From the Chartists to the Ascott...
  • User AvatarTony Greaves 5th Dec - 10:24pm
    I don't know where this nonsense about running a permanent budget surplus came from.
  • User AvatarPeter Martin 5th Dec - 10:15pm
    @ Yousuf, I didn't mention the Labour manifesto. Maybe you are confusing me with someone else? I'd just say they aren't totally free problems that...
Tue 10th Dec 2019