Scottish PM Says Independence is Not Reliant on Oil Price

The case for Scotland being an independent country with — or without — oil is as strong as ever, Scottish leader Nicola Sturgeon told CNBC Monday.

Speaking to CNBC on the sidelines of the COP21 United Nations conference on climate change Sturgeon, the First Minister of Scotland and leader of the Scottish National Party (SNP), said the country could manage independence despite the sharp drop in oil prices on which Scotland relies for much of its economic wealth. The price of oil has fallen from $114 a barrel in June 2014 to around $40 today.

“I think the case for Scotland being an independent country with or without oil is a strong one,” she said Monday.

“You take oil out of the equation for the economy and I think our output per head is broadly similar to the rest of the U.K. and for most of my lifetime we’ve had higher tax receipts than the rest of the U.K. as a whole so we’re a strong and diverse economy,” she added.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza