It is very interesting to see the numerous emails pouring in from Scotland and England. Even in Scotland there is a strong left-wing socialist factor that has their hand out to whom Cameron is trying to persuade to stay in the UK and they will be rewarded. For the benefit of both England and Scotland, a separation would be fantastic if Scotland took the high road here. If Scotland lowered its taxes including VAT, this will put pressure on England.
Moreover, it has been argued that Scotland costs the British more than they get back. The Government Expenditure and Review Scotland (GERS) calculates how much money is raised through taxes in Scotland and the level of public spending north of the border. The Scottish nationalists argue the number are erroneous. However, the numbers appear to be fairly trustworthy. The GERS figures, for the financial year 2008/09, show that the Treasury spent about £54 billion on Scotland and only received £43.5 billion in revenue.
The Brits believe that the Scots do not pull their own weight. However, there is the question of a very important asset – the North Sea oil. Most of the United Kingdom’s fossil fuel lies off the coast of Scotland – not England. Therefore, the wealth the North Sea Oil generates should arguably be added to figures for total revenue from Scotland that England does not count. This introduces a whole string of important questions if there is a separation. Will this natural resource be returned to an independent Scotland?
Detailed research of the money brought in by the UK oil and gas fields suggests that Scottish waters – defined by the line of demarcation used in the fishing industry – accounted for 91.1 per cent of UK North Sea revenue in 2008/09. This would imply the North Sea Oil reserves belong to Scotland – not England. This further suggests that the reserves of Scotland will add a contribution to Treasury coffers by £11.7 billion, wiping out the £10.5bn deficit and leaving Scotland in the black to the tune of £1.3bn.  Of course there will be some volatility. Nevertheless, this is a very interesting aspect.
