Can’t pay for many porridge wogs with that

The collapse in global prices has resulted in a 96pc plunge in Scotland’s North Sea oil revenue, new data has shown.

Oil revenues tumbled from £1.8bn in the 2014-15 financial year to just £60m in 2015-16, according to Government figures.

At its peak in 2008, the industry brought in £11.5bn in revenue.

21 thoughts on “Can’t pay for many porridge wogs with that”

  1. Not only that, GMT will be going cash-negative soon as it starts coughing up tax rebates for decommissioning and cleanup costs. How would an independent Scottish Government fund that?

  2. Bloke in Wiltshire

    Seriously wishing they’d have voted Yes.

    Can you imagine where we’d be now? In that negotiating period of separation with the SNP cacking themselves over the future, maybe even trying to stall things as the English (more pro yes than the Scots) put pressure on their MPs to hurry things up, and the SNP begging to join the EU while the members are thinking ‘not another Greece’.

  3. If the whole of the U.K. had been included in the independence vote Scotland and it’s debts would have sailed off into the sunset

  4. Bloke in North Dorset

    “…and their budget deficit is over 9%.”

    Doesn’t it have to be <3% to join the Euro and as a new member don't they have to go straight in to the Euro?

    I can see the German tax payers loving that one.

  5. Edinburgh has been called the “Athens of the North”, the SNP want to extend the comparison to the whole country.

  6. Poor deluded, Tim. Don’t you know there’s £40 billion annual revenue available from secret undeclared oil fields that Westmonster doesn’t want us to know about? Plus the £3 billion annually from taxes on whiskey – taxes that don’t actually exist but let’s not talk Scotland down.

    Bet you feel foolish now, Tim!

  7. @Hugh – I know some of the people who work on the Clair Ridge project pretty well; I have never seen them laugh quite as hard as they did when the Cybernats started up with the ‘secret oil field’ balls. Apart from anything else, concealing a discovery of the size alleged would be a massive breach of duty to shareholders and would lead to BP being prosecuted

  8. Given the SNP’s support for their Celtic brothers, I trust when granted independence Scotland will continue to contribute to (subsidise) the economic deficits of Northern Ireland and Wales (and Cornwall).

  9. @BiW: the funny thing is, if you look at the oil price chart, it started dropping within weeks of the independence vote date. Within 3 months it had halved. Can you imagine the panic inside a Scottish negotiation team? Every day their budget became more and more fictional, how could they negotiate a settlement when the very basis of independence had disappeared?

    I think in the circumstances Scotland would have been forced to crawl back from independence and ask to stay in the Union. The alternative would have been horrendous for the people of Scotland.

  10. Dongguan John,

    I think they’d have to go even more free market/low tax than the Tories.

    But they won’t. First result of independence is lots of socialism. Then, the last free-marketeers get the fuck out to England, exacerbating the problem. Then they spend decades going nowhere and eventually embrace free markets etc.

    My puzzling question: did Ireland gain anything by independence? All that Irish kinde, kirche, kuche they tried for decades, and you could put a fag paper between UK and Irish laws nowadays.

  11. My puzzling question: did Ireland gain anything by independence?

    Especially given their single biggest foreign policy decision since independence was to remain neutral in WWII. Impressive record, there.

  12. Bloke in North Dorset

    @Jim,

    They’d just blame England, in the same way that the left blames the USA for the problems in Venezuela.

  13. Correct me if I am wrong but several sources(on other slightly related issues) have suggested that North Sea oil is past peak production. I specifically remember one when oil prices started crashing that suggested it would have been better to pump less per Bush I when oil prices were still low.

  14. BiW

    First result of independence is lots of socialism. Then, the last free-marketeers get the fuck out to England, exacerbating the problem.

    Yup, and when there’s nothing left to nick, the criminals turn their gaze south – and welcome back to the Reivers. Still, good business opportunity selling rural security in Cumbria and Northumberland.

  15. “Yup, and when there’s nothing left to nick, the criminals turn their gaze south – and welcome back to the Reivers.”

    Hardly a problem in this day and age. Just build a wall and put remote-controlled machineguns on top.

    Not only would you find plenty of eager volunteers to protect the border over the Internet, but many would probably pay for the privilege of bagging a few Scots.

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