Gray exposes his ignorance of Norway's oil fund
Friday, 01 October 2010 14:43
Commenting on Iain Gray’s blunder at First Minister’s Questions yesterday where he claimed Norway had an oil fund because the oil industry was nationalised the SNP's candidate for Falkirk East, Councillor Angus MacDonald said:
“I was astonished to see the Labour Leader in Scotland display such ignorance over the Norwegian Oil Fund. Iain Gray has exposed his ignorance and arrogance about other countries and Scotland's oil when he makes such ludicrous statements.
“The money for Norway’s oil fund doesn’t come from Statoil – it comes from tax revenues from all the oil companies that work in the Norwegian oil sector. Norway’s oil fund is now worth around £300 billion (equivalent to 1,000 new state of the art Larbert Hospitals) and simply underlines why – in the face of savage London cuts – it is essential that Scotland similarly benefits from its own resources, with a Scottish oil fund to secure the nation’s wealth for future generations.
"Norway has shown the way, and with massive oil reserves still in the Scottish sectors of the North Sea and the Atlantic it is not too late to create a Scottish Oil Fund for future generations. Currently the Norwegian Oil Fund is using its strong position to buy up government bonds in Greece, Italy, Spain and Portugal. It is also buying up large amounts of commercial real estate in the USA and other countries around the world. Norway's oil fund has allowed it to take advantage of the global economic downturn while Scotland wrestles with savage cuts being imposed by the ConDem government in London.
“Iain Gray just makes himself look foolish when he makes such remarks and shows that no one can trust a word he or his party say. He shows he is more interested in talking Scotland down than helping Scotland up.
“He just shows why at the next election voters will have a choice between an experienced SNP Government led by Alex Salmond putting the priorities of the Scottish people first against an inexperienced Labour party who get their facts wrong.”
The Scottish Government's "An Oil Fund for Scotland" can be read here: