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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Monday 2nd June 2008
As the growing saga of Scottish independence continues to hit the headlines it seems that Alex Salmond’s demand for a greater share of the North Sea oil revenues for Scotland has fallen on deaf ears. However, many in the press are very sceptical of Salmond’s motives as he continues to pick and choose the most controversial of fights with the UK government.
Salmond has estimated that the extra windfall the revenue will receive this year from higher oil taxes will equate to around £4 billion. He is claiming that the Scottish government should be allocated at least 10% of this extra figure which was not in the forecasts when budgets were set earlier in the year. While he cannot expect the UK government to give up these funds without massive resistance, many believe that he is sabre rattling to take the heat off some of the SNP’s own policies which have not been wholly successful.
While the SNP are pushing ahead with their call for a referendum on independence for Scotland, they seem to be doing their best to delay the actual vote. In the meantime the prospect of Scotland ‘going it alone’ seems to be getting less and less with more Scottish voters starting to realise the risks involved. |
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