Scottish Oil Fund

EDM number 623 in 2001-02, proposed by Alex Salmond on 08/01/2002.

That this House notes from official papers published under the 30 year rule that the then Conservative government in 1971 rejected the establishment of a Scottish Oil Fund made up of North Sea revenues because such a demand was based on a 'nationalistic premise'; further notes that the Scottish National Party, Liberal Party, and Scottish Council Development and Industry lobbied the then government to invest oil revenues in this way; believes that with over ú150 billion of North Sea revenues having flowed to the London Treasury in the years since, the cost to Scotland of this wasted opportunity is there for all to see in terms of high poverty levels, crumbling infrastructure, and an under performing economy; and calls for the establishment of a Scottish Fund for future generations now, modelled on the Norwegian oil fund, given that there is at least as much wealth to come out of the North Sea as has already been generated.

This motion has been signed by a total of 8 MPs.