Oil: Changes in Global Markets Debate
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Lord Reid of Cardowan
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Oil: Changes in Global Markets
Lord Reid of Cardowan Excerpts(4 years, 7 months ago)
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Lord Reid of Cardowan (Lab)
At the time of the Scottish independence referendum, oil was running at over $100 a barrel. Given the steep fall in the price of oil, what estimates, if any, have the Government made of the present state of the Scottish economy with respect to strengths or fragility?
Lord Callanan
The noble Lord makes a powerful point. The independence plans of the SNP have been thrown into disarray by the low oil price—we all know the economic forecasts it made at the time. We are of course in close contact and collaboration with the Scottish Government on all these matters. We will continue to assist and help them in their plans going forward.