MOSCOW, September 9 (RIA Novosti) - An Independent Scotland has all the possibility to become rich in its own right, like Norway, an analysis published by Wall Street Journal suggests.
As Scotland awaits the September 18 referendum on independence, media debates on the future of the country’s economic and financial stability continue to unfold.
Scotland’s pro-independence politicians argue that if Scotland splits from the United Kingdom and gains control of its share of North Sea oil and gas revenues, in time it will be able to create a wealth fund, similar to Norway’s oil fund, which, at the end of June, 2014, was worth $893 billion. Among the reasons supporting this view, is the fact that the two countries have got roughly the same size population with 5.3 million people currently living in Scotland and 5.1 million – in Norway.
Still, the creation of a Scottish oil fund may take longer than Yes-supporters hope, as according to the WSJ analysis, oil production in the North Sea is unlikely to return to the peak figures of the late 1990s – early 2000s. Among the other difficulties the Scottish government will face if the country decides to leave the UK, is the need to finance generous social welfare provisions, which in the 2012-13 tax year amounted to $16,243 per head and to duplicate many bureaucratic functions currently performed by the UK.
According to the Outlook for Scotland’s Public Finances and the Opportunities of Independence, released in May, 2014, an Independent Scotland could generate more than $ 8 billion a year of extra revenues within 15 years, without having to raise taxes.
A referendum on whether Scotland should become independent will take place on September 18. Scots will be asked one question, «Should Scotland be an independent country?» If voters back leaving the UK, Scotland could be independent on March 24, 2016.
