The McCrone report was written in 1974, and it looked at whether an Independent Scotland would be able to pay its way. It was composed for the UK Conservative government, by a leading government economist of the time.
What is the McCrone report?
"the balance of payments gained from the North Sea oil would easily swamp the existing defecit whatever its size and would transform Scotland into a country with a substantial and chronic surplus."
"Scottish banks could expect to find themselves inundated with a speculative inflow of foreign funds"
"North Sea oil has completely overturned the traditional economic arguments used against Scottish Nationalism"What does it say?
The report states that Scotland would be better off as an Independent country, rather than continuing as part of the United Kingdom. It concludes that if an Independent Scotland had its fair share of North Sea oil revenue, then Scotland would be one of the strongest economies in Europe. It also states that if Scotland were to handle this wealth sensibly it would last a very long time.
Why is it important?
The McCrone report shows that the UK government has known since 1974 that North Sea oil completely changed the arguments against an Independent Scotland. It showed that Scotland would not just be viable, but would be a wealthy country with a very strong economy. It was also clear that successive UK governments hid this information from the people of Scotland, and indeed from the people of the whole of the UK.
Why haven't I heard of it?
The incoming Labour government in 1974 classified the document as secret. Successive Labour and Conservative governments kept it this way until 2005, when the Freedom of Information Act allowed the SNP to obtain the report for the first time.
To quote from the report.
" An Independent Scotland could now expect to have massive surpluses both on its budget and on its balance of payments and with the proper husbanding of resources this situation could last for a very long time into the future." "For the first time since the Act of Union was passed, it can now be credibly argued that Scotland's economic advantage lies in its repeal"
Isn't this just Nationalist Propaganda?
In 2005, the Independent Newspaper reported,
"In 1975 the Government faced a dilemma; how to exploit the potential of its new oil fields without fuelling demands on Scottish Independence. So it buried the evidence"Many anti-independence politicians in Scotland and the UK have agreed that an Independent Scotland would be financially viable. And in February 2012 the Conservative prime minister of the UK, David Cameron said.
"Of course Scotland could govern itself"
To see the McCrone report itself is now available to read in full, so you can decide for yourself. Find it here;
What is the situation today?
The Norwegian government has been saving its surplus income from oil since 1990. In just 20 years, Norway has built up a fund worth £360 billion. Norway has a similar population to Scotland. In the 36 years since the McCrone report was written, the UK has recovered nearly 3.5 billion tonnes of oil. In contrast to Norway, successive UK governments have spent the income from oil, rather than saving it. UK government figures estimate that the remaining North Sea oil is worth over £1 trillion (a million million). An Independent Scotland could earn as much as £300 billion from the remaining oil. The Scottish Government has suggested that Scotland could save about a billion pounds a year, building up a fund of £30 billion within a generation.
Is this not the Scotland that you want to live in?
Unionist Propaganda started well before the Act of Union was signed in 1707. Only those that took english gold benefited in 1707. The Unionist propaganda machine is still turning out its relentless attacks on Scotland, its people and its soul. Do not believe a word.....Scotland Shall be Free.....Scotland can be Free............
Free Scotland and End London Rule
For Willie McRae
"The Struggle Goes On"