The SNP has slammed successive UK governments for squandering Scotland and letting our vast resources go to waste for decades.
As highlighted in the Scottish Government’s second Building a New Scotland paper, governments of all parties have failed to capitalise on Scotland’s North Sea oil revenues to help support and improve communities across the country.
Instead it was spent and squandered by Westminster.
By contrast, Norway, an independent country of similar size to Scotland, invested in a Sovereign Wealth Fund which was worth $1.3trillion at the end of 2021.
Estimates from Public Policy Research found that if a fund had been introduced here it would be worth £500bn.
Instead, Scotland has been subjected to more than a decade of Tory austerity, which has seen thousands of families plunged into poverty.
The trend is set to continue as the Tory-made cost of living crisis worsens.
Commenting, SNP MSP Alasdair Allan said:
“For decades, Scotland’s vast resources have been squandered by successive Westminster governments, no matter the party in charge.
“If we had taken the path of other independent nations of a similar size to Scotland and invested in a Sovereign Wealth Fund then families across Scotland could have been better supported.
“Instead they have been subjected to brutal Tory cuts, with more to come as the Tory leadership candidates try and out-Tory each other.
“Scotland’s oil and gas sector has a fantastic opportunity to lead the world in renewable energy, but we cannot afford for that to be wasted away again by the UK government.
“The only way we can unleash our full potential is by becoming independent.
“As has been demonstrated, decisions made in Scotland are best made by the people who live here and the only way to guarantee that is with the full powers of independence.”