It is one of the key economic bones of contention should the secession of Scotland from the Union become a reality: just what will happen to the vast expanse of oil and gas reserves off the north-east coast?
The SNP has recently commissioned an expert panel to thoroughly investigate how to maximise returns should independence become a reality. There is an estimate of some £100 billion in terms of future plans that companies working off Scotland intend to explore, harnessed by a belief that nearly half of total oil and gas reserves are yet to be exploited. Opponents have been quick to point out the weaknesses of having such an oil and gas-centric approach to any potential independent administration’s economic policy, and the verbal jousting between Edinburgh and London seems sure to continue.
Stewart Davis, Group Commercial Director of PayMatters, a firm specialising in payroll and tax advice, shared his views. “Undoubtedly the concerns here surround the longevity of North Sea oil. Basing economic futures over the long-term on what is a volatile and declining resource would appear somewhat shortsighted.
Stewart continued “However, many contractors will be relieved to see that any possible independent Scotland will carry at the forefront of its economic development the consolidation of the oil industry. It must be expected, as well, that any future Scottish administration will work towards engendering growth in fringe industries that are set to focus on sustainable energy options as well. The contracting sector revels in providing flexible skill sets and the situation in Scotland will evolve to go beyond just oil as an energy source, I am quite sure.”
PayMatters are APSCo accredited, professional passport approved and are business partners with the Institute Of Recruiters (IOR). PayMatters pride themselves on being fully HMRC compliant from an employers and employees NI, PAYE and expense perspective. For further information please contact Stewart Davis, Group Commercial Director on 07890 623003, stewart.davis@paymatters.co.uk
