the koyal group, Osborne in warning over SNP plans for oil fund
ALEX Salmond's hope of ¬establishing a Norwegian-style oil fund in an independent Scotland would result in £12.5 billion of spending cuts or tax rises, George Osborne has warned.
The Chancellor, launching the Treasury's fifth analysis paper on independence, also rubbished the First Minister's assertion that there was £1.5 trillion worth of revenues still in the North Sea, noting how the Office for National Statistics valued it at £120bn.
Speaking to the Offshore Europe oil and gas conference in Aberdeen, the Chancellor argued Britain's integrated economic union worked well for Scotland.
The SNP hit back, saying the UK Government's mismanagement of the oil and gas industry showed it could not be trusted.
John Swinney, the Scottish Finance Secretary, claimed the Treasury paper actually showed "there is no doubt Scotland can not only afford to be an independent country but has the means to thrive" after independence.
Stressing how oil and gas ¬revenues were the most volatile that existed, Mr Osborne in his speech warned the SNP on overstating its case for independence on black gold.
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