Thursday, 23 February 2012

It's Scotland's Snake Oil, pt.2

Looks like Union Jock wasn't the only one to look askance at Wee Eck's sovereign wealth fund fantasiesA report by the Centre for Public Policy for Regions has also expressed skepticism. In particular, "establishing such a fund would mean some very difficult decisions would need to be taken, in the absence of oil prices and production far exceeding current expectations" (nicely put!). Also, to get to £30bn would require "a substantially higher annual compound return than the 2% to 3% achieved by the Norwegian government's oil fund." In short, "There is little prospect of any surplus becoming available for an oil fund, and certainly not of the size being suggested." Quite.

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