St Andrew’s Day and Scottish Affairs

Debate between Stephen Gethins and Torcuil Crichton

Thursday 11th December 2025 Commons Chamber

[Torcuil Crichton]

The hon. Member mentions a national sovereign wealth fund, which the SNP called for, to be funded from oil revenues, in the ’70s and ’80s—

[Stephen Gethins]

And the ’90s.

[Torcuil Crichton]

And the ’90s, and maybe until today. The SNP Government had the opportunity to put one in place when they auctioned the ScotWind licenses for offshore wind for £700 million—they would have done it for £70 million, but were given guidance on that. They had the opportunity to either invest that £700 million in a sovereign wealth fund, or to give it back to the coastal communities from which those revenues flow, but they did none of that. They have used half of that £700 million in day-to-day expenditure, have they not?

[Stephen Gethins]

We focus an awful lot on the Scottish Parliament. I have no problem with that, but Members who sit here choose to be part of a Parliament that has powers that far outweigh those of the Scottish Parliament. I do not like that, but other Members here do.

On the future generations fund, since we are having a biblical debate and there has been biblical reference, I say to the hon. Member—he will not mind—that, to paraphrase Matthew’s gospel, sometimes you talk about the speck in my eye and ignore the plank in yours. Some £1.5 trillion, and 1.5% of every share on earth from the top 5,000 companies, is now in Norwegian hands, and Norway can use that, with transformative effect. If he thinks that Westminster control over oil and gas and other aspects of energy—it still has that responsibility—has been positive, I encourage him to think again. It has not been wholly positive; things have failed. As he has prompted me, it should be reflected that the failings of Holyrood are dwarfed by the gargantuan failings of Westminster. There has been Brexit, austerity—the right hon. Member for Dumfriesshire, Clydesdale and Tweeddale was part of the Cabinet who brought that in—the Truss Budget, which put up all mortgages, and our relationship with the rest of Europe. Those failings have now been brought to bear.