Scotland's wealth 'not shared out'

Jun 19 2012

The wealth generated by Scotland in the past thirty years has not been shared by UK governments, John Swinney is expected to say.

The Finance Secretary will argue that successive Westminster Governments have failed to maximise Scotland's potential during a debate the economics of an independent Scotland with former UK Chancellor of the Exchequer Alistair Darling.

Mr Swinney is expected to claim that over the past thirty years, up to the financial crisis, growth in Scotland averaged 2.1% against 2.7% in other comparable small EU countries - but the money has not been shared.

He will tell delegates at a conference in the capital that the SNP`s economic numbers add up for independence, saying as an independent nation Scotland would have the tools needed to tackle inequality and deliver better economic opportunities.

Speaking ahead of the debate, an SNP spokesman said: "The previous UK Government missed a once in a lifetime opportunity to deliver a real improvement in prosperity and social equality. Instead, growth was squandered on an unsustainable boom that benefited the few rather than the many."

But Scottish Labour MP Alistair Darling, former UK Chancellor of the Exchequer and head of the cross-party campaign to keep the UK together, will insist that independence comes with economic risks.

Delegates will be given the opportunity to quiz the pair on their policies as the nation gears up for the independence referendum in 2014. And former Scottish Liberal Democrat finance spokesman Jeremy Purvis, leader of the Devo Plus campaign, will discuss fiscal policy options for Scotland short of independence.

The conference, organised by The Scotsman newspaper, will also feature speakers from academia, business, finance and the media discussing the economics of independence.

John Kay, visiting professor at the London School of Economics and a Fellow of St John's College, Oxford, will discuss "the big economic picture" surrounding independence.

The potential future of North Sea Oil in an independent Scotland will be examined by Alex Kemp, professor of petroleum economics at the University of Aberdeen.