Collapse in North Sea revenues destroys the SNP’s economic argument
[audioplayer src=”http://rss.acast.com/spectatorpolitics/georgeosbornesbudget-2016/media.mp3″ title=”Fraser Nelson, Isabel Hardman and James Forsyth discuss today’s Budget”] Listen [/audioplayer]Alex Salmond had planned 24 March 2016 as his independence day and the budget he published during the Scottish independence referendum envisaged it having up to £7.5 billion of oil to spend. Today’s Budget shows that the figure will, instead be zero: precisely 100 per cent less than what the SNP had told Scots. Without it, the Scottish budget simply would not stand up. The basic point – ‘it’s Scotland’s oil!’ – has been the SNP refrain for years. There’s still oil in the North Sea but there’s no profit. The above graph shows how North Sea revenues – seen by the
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