Independence on a £20 billion fund generated from Scotland’s oil revenues

Nicola Sturgeon will today seek to exploit the economic chaos gripping the UK by insisting Scots would be financially better off with independence.

The first minister will cite the “failure” of the UK system as she unveils her economic prospectus in a paper outlining the case for a split.

It will cover issues such as currency, trade and fiscal responsibility, as Ms Sturgeon argues the UK economy is holding Scotland back.

The latest in a series of papers ahead of a proposed second referendum in October 2023, the prospectus will argue independence would create a “fairer, wealthier and greener country”.

‘Kick-starting growth’

One of the key proposals will be introducing a new £20 billion fund generated from Scotland’s oil revenues and “responsible” borrowing.

The Scottish Government say the fund will “accelerate the transition to net zero, build resilient communities, and help kick-start the sustainable economic growth so important for the newly independent nation”.

Ahead of the paper being published, Ms Sturgeon argued Scotland has the “skilled people, innovative businesses and natural resources” needed to run an independent economy.

She said: “Scotland’s economy is one of the best performing in the UK – however the UK economy, particularly post-Brexit, is now lagging behind many EU and international comparators.

“The UK economic model is demonstrably failing and increasingly holding Scotland back.

“Independence is now essential to build an economy that works for everyone.”

She continued: “The paper we are publishing today will help people make a clear, informed choice about independence and how we can forge a path towards becoming a fairer, greener, wealthier country.”

Ms Sturgeon said analysis shows a “dynamic economy and social justice go hand in hand”, and that linking the two together will “make the other stronger”.

Labour and Tories criticise plans

Opposition parties have already raised doubts about the paper.

The Scottish Conservatives say the SNP has been unable to answer simple questions on currency, pensions and trade with the rest of the UK.

Scottish Conservative finance spokeswoman Liz Smith said: “The SNP has never been able to make a convincing economic case for independence, and this paper doesn’t change that.

“Nationalists are consistently unable to address the big questions that the public want answered about independence – on currency, on pensions and about how a hard border would impact our trade with the rest of the UK.”

Meanwhile, Scottish Labour finance spokesman Daniel Johnson called on the SNP to “drop the spin and come clean with people about the catastrophic reality of their economic plans”.

He said: “Despite wasting 15 years in government peddling the same old agenda, they still can’t answer even the most basic questions.

“They are gambling people’s livelihoods based on fantasy economics and wishful thinking.

“The last few weeks have exposed the high price we pay when reckless, ideologically-driven governments make impossible promises and unfunded plans.”

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