It’s Scotland’s Oil

John Jappy was a civil servant under the Labour government which sold out Scotland.

Highlights of John’s interview include:

  • Labour hid from Scotland the extent of the oil reserves
  • They rushed to get the money and gave away most of the value
  • Thatcher made the SE of England the richest area of Europe on oil wealth
  • Oil saved the UK in the 2008 crash
  • In 2014 the unionists’ claim was that oil revenues had crashed. They hadn’t – investment in new fields had gone through the roof.
  • With Independence Scotland could be the 3rd richest nation in the world, with the UK back at 28th position.

Learn more in this interview with John here

Dennis Healey, Chancellor of the Exchequer under Labour, admitted in 2013 that Labour had underplayed the value of Scottish oil, he even campaigned against setting up an oil fund similar to Norway’s.

the pace of development of North Sea oil appropriate for
Scotland would be very different from that now being demanded by the
UK. Apart from the need to avoid piling up excessive surpluses, Scotland
would wish to extend her North Sea oil revenue over a much longer
period than the 30 or so years

McCrone report

Under a Freedom of Information request, the McCrone report was released in 2005.

Here are some highlights:

Scotland would be ‘in chronic surplus to a quite embarrassing degree and its currency would become the hardest in Europe, with the exception perhaps of the Norwegian kroner.’ (page 8).

‘the Scottish pound be seen as a good hedge against inflation and devaluation and the Scottish banks could expect to find themselves inundated with a speculative inflow of foreign funds.’ (page 8).

‘An exchange rate of £1 Scots to 120p sterling within two years of independence therefore seems quite probable’ (page 9).

It’s our view that a similar report could be prepared today, with similar conclusion, on the basis of Scotland’s immense potential as a source of Renewable Energy.

Think of this – Scotland may run out of oil, be we won’t ever run out of wind!

That’s a source of revenue for all of our futures!

You can download the McCrone report here, or the original typescript here.