I thought we were in the winter by now? It starts on the 1st December, which makes it all the odder since the winter equinox is a couple of weeks away. Whilst on the subject of timing and stuff you’ll have heard the BBC claiming that this year is likely to be one of the warmest years on record. It will be, but only because the satellite record started in 1998.
Back to topic if there is such a thing anyway…
Chancer Gideon Osborne stood up and ranted on for a while about how well the UK was doing and how we were well on the mend to normality. We were one of the fastest growing economies, employment was up and we would get tax reductions and various wee tempting things to make us smile.
Within a few hours the Institute for Fiscal Studies (IFS) published a paper rubbishing the Chancers claims. Oh dear. And an election coming up fairly soon. Not helpful. Now the Chancer and the sub-prime minister really like the IFS. They really, really liked it during the run up to the Scottish Independence vote. I bet they aren’t as keen on them now?
It was also interesting to hear that the Chancer was going to set up a Sovereign Fund for Manchester and that general area, based on fracking income. Most countries in the world, who have oil or other such resources within their borders have similar arrangements. Texas, for example, gets to keep a lot of the taxes collected on oil extraction and refining.
In Scotland we get zip. Worse than that we don’t actually get to know how much taxation has been taken on the 95% of the oil which is in Scottish territorial waters. We don’t know how much taxation in general goes into the Westminster pot. Could it be because WM doesn’t want us to know? Could it be that the 95% of the oil which, lies in the Scottish waters part of the UK has been propping up governments since the Queen turned the taps on?
It looks very likely that WM will make life very difficult for Scotland and try to make sure that the SNP and the whole idea of independence won’t ever be a possibility again. Until, of course, the oil has gone
Just one mention of Liebore. Yesterday at First Ministers question time Mr Grey from Liebore stood up and, with a large smile on his face, stated that it was a good job that the Scottish people had rejected independence since they could now see how volatile oil prices could be. Yes he smiled. Another nail in the coffin of the Labour Party in Scotland.