It was a document that could have changed the course of Scottish history. Nineteen pages long, Written in an elegant, understated academic hand by the leading Scottish economist Gavin McCrone, presented to the Cabinet office in April 1975 and subsequently buried in a Westminster vault for thirty years. It revealed how North Sea oil could have made an independent Scotland as prosperous as Switzerland.
The Freedom of Information Act has yielded many insights and revelations into the working of the British government, but none so vivid as the contents of Professor McCrone’s paper, written on request in the dog days of Ted Heath’s Tory government and only just unearthed under the FOI rules.
Earlier this week, the Chancellor Gordon Brown underlined the vital revenue stream that North Sea oil still is in the context of British politics. In his pre-budget report, Mr Brown extracted an extra £6.5b in tax from North Sea oil and gas producers, to be taken over the next three years. Economists like the Liberal Democrats’ Treasury spokesman Vince Cable say that high oil prices have already bailed out the Treasury to the tune of £1 billion this year.
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