As ‘volatile’ gas and oil profits threaten to generate a fiscal nightmare, sturgeon independence is under jeopardy.
NICOLA STURGEON’S aspirations for independence were dashed after a government white paper claimed that gas and oil income would result in a “volatile” tax revenue situation.
From July 19, the Scottish First Minister will follow Boris Johnson’s lead and remove any coronavirus pandemic resections. Level 0 will be implemented across the country, with certain restrictions on physical separation and group gatherings both indoors and outdoors. Ms. Sturgeon has also decided to keep wearing face coverings, as opposed to Mr. Johnson’s choice to let people decide whether and when not to wear them.
The coronavirus outbreak occurred just as the Scottish National Party (SNP) was gearing up to launch its campaign for a second independence referendum.
Ms. Sturgeon has stated that the country’s health crisis is her top priority.
MSPs, on the other hand, are discreetly putting together their independence policy.
The large gas and oil industry in Scotland has long been promoted as a means of keeping the country afloat in the case of independence.
However, skeptics argue that the increase of renewables and electric energy will likely outweigh any future gains from fossil fuels.
Scotland would also struggle to design economic strategy from gas and oil earnings, according to a Government white paper commissioned ahead of the 2014 referendum, due to the sector’s “volatility.”
The purpose of the document, which was compiled by the Economic Affairs Committee, was not to make a pro or anti-independence argument, but to examine the economic ramifications for the entire UK, particularly England, Wales, and Northern Ireland.
“An independent Scotland would profit significantly from tax income from a geographical share of North Sea oil and gas reserves,” the report stated.
“Because North Sea oil and gas money would make up a far greater share of total tax revenue in an independent Scotland than in the UK, its volatility would make conducting economic policy more difficult,” it added.
The publication went on to say that the North Sea’s gas and oil deposits will be one of the “most crucial assets to be shared” after independence.
The produce is marketed on international markets, and tax revenues are currently collected centrally by HMRC (HMRC).
The median line, according to Professor Alex Kemp, would be the starting point for negotiations between Scotland and the EU. “Brinkwire News in Condensed Form.”