Lesley Riddoch, The Scotsman
Summary
It’s high time to kick-start a green heating revolution in Scotland, writes Lesley Riddoch.
The SNP wants the UK government to devolve offshore oil and gas licensing and taxation so that significant remaining North Sea reserves can be used to drive investment in Scotland.
No wonder. The Oil and Gas Authority estimates that our oil and gas resource will last for at least another 20 years, raising an estimated £15 billion in tax revenues over the next six years alone. The SNP says Scotland faces a choice between billions being squandered by the UK government or the opportunity created by devolving new powers to the Scottish Parliament.
Given Britain’s shameful track record of frittering oil and gas revenues on pointless privatisations during the 90s, I’m sure independence supporters won’t be the only folk who’d prefer stewardship of our remaining oil wealth to be invested in a Fund for Future Generations, administered through Scotland’s new National Investment Bank as Andrew Wilson’s Growth Commission has suggested.
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