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Is oil the key to the Scottish economy?

Even though North Sea oil revenues have been on the decline for some time now there is still substantial oil under the seabed and significant tax income to follow. While there has been no specific mention of potential control of Scottish oil resources for any Scottish parliament under the Calman report many believe this is the key to the future.

Opinion is divided as to how the Scottish economy would survive and perform as a standalone country because for many years it has received a significant settlement from the UK government. The recent recession across the UK has shown the focused nature of the Scottish economy and the potential for a sudden and deep demise in business levels if we were to see the same type of situation in the future.

If the leaked details are put into action then we could see a reduction in cross-border business between Scotland and England which would certainly affect Scotland more than it would affect England. This is where the risk lies for the Scottish government who would find it very difficult to replace any significant reduction in Scottish and English business. Time will tell who is right and who is wrong and if the Scottish economy really can stand on its own 2 feet.

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