Magazine article Public Finance

Scots Leader Orders Study on Oil Fund

Magazine article Public Finance

Scots Leader Orders Study on Oil Fund

Article excerpt

First Minister Alex Salmond is to commission a study into the setting up of an oil fund for Scotland.

Announcing his plan this week, Salmond demanded that some of the extra revenue generated by rising oil prices should be channelled north of the border.

He argued that because of the amount of oil extracted from the North Sea, the amount still to come and the high price of oil, a fund was an attractive and compelling idea for Scotland'.

He claimed that 10% of the additional £4.4bn expected to come from fuel tax should be allocated to the Scottish fund.

Salmond added: 'We're already seeing signs of a summer of discontent as people are under enormous pressure from the rising energy costs.

'I'm encouraging the chancellor to do something about it before the situation engulfs his government'

Labour described the first minister's proposal as opportunistic'. …

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