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John Swinney reveals oil fund plan

Posted on 04 October 2013

An independent Scotland could borrow, save and reduce debt simultaneously without raising taxes or cutting public services if it puts some money into an oil fund, according to Finance Secretary John Swinney.
An expert working group commissioned by ministers has said the Scottish Government does not have to wait until the budget is in surplus to establish an oil fund. Norway was in deficit when it established its fund in 1990 and it is now worth £470 billion, the Scottish Government Fiscal Commission Working Group’s report on stabilisation and savings funds points out………………………………………..Full Article: Source


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