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| Version 1 | Version 2 |
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| Scottish independence: Oil fund 'could be worth £30bn' | Scottish independence: Oil fund 'could be worth £30bn' |
| (about 1 hour later) | |
| Scotland's first minister has revealed plans for an independent Scotland to establish an ''oil fund'' to help future generations. | Scotland's first minister has revealed plans for an independent Scotland to establish an ''oil fund'' to help future generations. |
| Alex Salmond said that earmarking about a tenth of oil and gas tax revenues - about £1bn a year - could lead to a £30bn fund over a generation. | Alex Salmond said that earmarking about a tenth of oil and gas tax revenues - about £1bn a year - could lead to a £30bn fund over a generation. |
| The plans are based on a scheme operated by the Norwegian government. | The plans are based on a scheme operated by the Norwegian government. |
| Labour said the idea was 30 years out of date and the Lib Dems said economic influence would drop outside of the UK. | |
| Mr Salmond said currently the UK was the only oil producing country not operating an oil fund scheme. | Mr Salmond said currently the UK was the only oil producing country not operating an oil fund scheme. |
| He told the BBC: "The only finance department that hasn't done it really as a major oil and gas producer is the United Kingdom Treasury. | He told the BBC: "The only finance department that hasn't done it really as a major oil and gas producer is the United Kingdom Treasury. |
| "If you look at every other, just about every other, major oil producing country - whether it's Abu Dhabi, Norway, or the states of Canada - all of them have built up an investment fund for the future of their state or the future of their country. | "If you look at every other, just about every other, major oil producing country - whether it's Abu Dhabi, Norway, or the states of Canada - all of them have built up an investment fund for the future of their state or the future of their country. |
| "Westminster is the exception in this regard and I think most people looking at the management of oil and gas resources would rather follow the Norwegian example than follow the example of the Treasury in London." | "Westminster is the exception in this regard and I think most people looking at the management of oil and gas resources would rather follow the Norwegian example than follow the example of the Treasury in London." |
| Mr Salmond was speaking ahead of a lecture at the London School of Economics, where he outlined his ambition to use the energy economy to create multi-billion pound wealth for an independent Scotland. | Mr Salmond was speaking ahead of a lecture at the London School of Economics, where he outlined his ambition to use the energy economy to create multi-billion pound wealth for an independent Scotland. |
| He told the gathering of academics, students and members of the public: "Under independence we would make the best use of our unparalleled energy resources. | He told the gathering of academics, students and members of the public: "Under independence we would make the best use of our unparalleled energy resources. |
| "We have 25% of Europe's tidal power potential, 25% of its offshore wind potential and 10% of its wave power potential - not bad for a nation with less than 1% of Europe's population." | "We have 25% of Europe's tidal power potential, 25% of its offshore wind potential and 10% of its wave power potential - not bad for a nation with less than 1% of Europe's population." |
| 'Volatile commodity' | |
| Scottish Labour's Ken Macintosh said the only certainty about oil was that it would run out. | |
| Mr Macintosh said: "If Scotland started an oil fund in the same year as Norway, the current balance would be zero because we spend more on public services than raise in tax." | |
| He added: "The SNP's argument about what did and didn't happen 30 years ago doesn't speak to the reality of the choice today. | |
| "Basing our entire economy on a single commodity that is volatile in price and finite in supply is a step backwards for Scotland." | |
| Scottish Lib Dem leader Willie Rennie said Scotland's global economic impact came as being a strong part of the UK. | Scottish Lib Dem leader Willie Rennie said Scotland's global economic impact came as being a strong part of the UK. |
| He added: "Far from giving Scotland more influence over the global economy, splitting Scotland from the UK would give us less." | He added: "Far from giving Scotland more influence over the global economy, splitting Scotland from the UK would give us less." |
| The first minister is due to meet with Prime Minister David Cameron for talks in Edinburgh on Thursday. | The first minister is due to meet with Prime Minister David Cameron for talks in Edinburgh on Thursday. |
| The Scottish government has signalled its intention to hold a vote in the autumn of 2014, while the UK government has called for an earlier poll. | The Scottish government has signalled its intention to hold a vote in the autumn of 2014, while the UK government has called for an earlier poll. |
| There are also disagreements over the wording of a question, the temporary transfer of legal powers to hold a referendum and whether a second question could be included on increased powers for the Scottish Parliament. | There are also disagreements over the wording of a question, the temporary transfer of legal powers to hold a referendum and whether a second question could be included on increased powers for the Scottish Parliament. |