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| Scottish independence: Fiscal Commission backs oil fund for Scotland | Scottish independence: Fiscal Commission backs oil fund for Scotland |
| (about 1 hour later) | |
| A team of economic advisers appointed by the Scottish government has said an oil fund should be established in the event of independence. | A team of economic advisers appointed by the Scottish government has said an oil fund should be established in the event of independence. |
| The Fiscal Commission Working Group concluded that there should be both a short-term stabilisation fund and a long-term savings fund. | The Fiscal Commission Working Group concluded that there should be both a short-term stabilisation fund and a long-term savings fund. |
| But pro-Union Better Together said you "can't save money while you are borrowing money". | But pro-Union Better Together said you "can't save money while you are borrowing money". |
| The people of Scotland will vote in the independence referendum next year. | The people of Scotland will vote in the independence referendum next year. |
| On Thursday, 18 September, 2014, they will be asked the straight yes/no question: "Should Scotland be an independent country." | |
| The commission's 85-page report made a number recommendations including; | |
| Crawford Beveridge, who is in charge of the fiscal working group, said the oil and gas industry had made a significant contribution to Scotland's economy for four decades and would represent a valuable asset in the future. | |
| He explained: "This report sets out how both a short-term stabilisation fund and a long-term savings fund could be incorporated into the fiscal framework of an independent Scotland, potentially as early as 2017-18. | |
| "This could help to maximise the economic opportunity that Scotland's oil and gas wealth presents and ensure that it provides a lasting benefit for future generations." | |
| Speaking ahead of the group's report, the head of Better Together Alistair Darling said it was not possible to spend the same money more than once. | |
| He said: "All existing oil revenues are needed to pay for spending on schools, hospitals and pensions in Scotland. | |
| "As John Swinney himself said, paying into an oil fund means cutting elsewhere or raising taxes. | "As John Swinney himself said, paying into an oil fund means cutting elsewhere or raising taxes. |
| "The simple fact is that Scotland runs a fiscal deficit. SNP oil minister Fergus Ewing rightly said a few weeks ago that you can't save money while you are borrowing money." | "The simple fact is that Scotland runs a fiscal deficit. SNP oil minister Fergus Ewing rightly said a few weeks ago that you can't save money while you are borrowing money." |
| The Fiscal Commission Working Group was established in March 2012 and given the brief by the Scottish government to provide "impartial technical advice on the economic choices, challenges and opportunities for Scotland post-independence". | The Fiscal Commission Working Group was established in March 2012 and given the brief by the Scottish government to provide "impartial technical advice on the economic choices, challenges and opportunities for Scotland post-independence". |
| Scotland's Finance Secretary John Swinney welcomed the report of the commission. | |
| He said: "Their work highlights the significant opportunities that Scotland's oil and gas wealth presents and answers the key questions that have been raised about how this wealth should be managed in an independent Scotland." |