North-east oil services tycoon Sir Ian Wood has claimed it would be “extraordinarily difficult” to establish an oil fund in an independent Scotland.
The Aberdeen-based industry expert yesterday said it was not possible to squirrel away money while spending it on public services at the same time.
Sir Ian, former chairman of the Wood Group, said he thought the Scottish Government would find it “very challenging” to ensure the economy was in a robust and balanced state in the event of a Yes vote.
He has claimed that voters are being “misled by highly inaccurate forecasts and false promises” about oil reserves.
Establishing an oil fund is a key priority for an independent Scottish Government run by the SNP, which said the country has a broad-based economy.
According to the white paper, oil and gas revenues make up 15% of the country’s overall public sector receipts.
By contrast, revenues make up 30% of receipts in Norway which has a oil fund, established in 1990, worth £470billion.
SNP ministers said research showed that an oil fund established in 1980 would be worth between £82billion and £116billion by 2011-12.
But Sir Ian said: “You cannot produce an oil fund and spend at the same time.
“And I think they would be very challenged to get the economy into a reasonable robust, balanced state.
“As oil and gas winds down you are going to have to start importing some oil and gas so I think we will be so challenged with that, it will be extraordinary difficult to put funds aside into an oil fund.”
Chief Secretary to the Treasury Danny Alexander has claimed establishing an oil fund would only be possible if taxes were increased by 18% – or if public spending was cut by 13%.
Kenny Anderson, of pro-independence group Business for Scotland, said Westminster had “squandered” Scotland’s oil wealth and insisted it would be possible to put money into a fund during good years when surpluses were high.
He said he was under no illusions that running an independent economy would be “difficult and challenging” but a range of experts have said there was untapped oil reserves in the North Sea that could be exploited for decades to come.
Mr Anderson, who owns Anderson Construction in Aberdeen, said the oil industry was a “platform for growing the economy and diversification”.
He added that proper stewardship of industry was key to developing a diverse economy and creating an environment in which entrepreneurs could aspire to follow in Sir Ian’s footsteps and build successful businesses.
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