Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Scottish Independence: Industry reacts – What now for Scotland and the United Kingdom?

Post Thumbnail

Congratulations to Alistair Darling for holding on to secure a ‘no’ outcome for the better together camp in the face of a fierce battle by Alex Salmond’s troopers.

The no outcome in the referendum marks the end of what has been a truly historic referendum. The yes camp’s constructive and positive strategy failed to

overcome a negative and at times threatening no campaign. Some political careers are probably over on both sides of the debate. But what exactly lies ahead?

The first priority should be to calm the capital markets. The UK has a huge national debt problem. The UK credit card is maxed out. It should be conveyed to the outside world that there is no longer an immediate possibility of North Sea revenue not being available to the UK Exchequer to reassure the outside world we can pay our debts. And steps should be taken to avoid situations that threaten our economic future. The expectations of Scotland are high that things will improve in the future. That promise has been at the heart of the no campaign. How does the coalition government make sure that Scotland prospers and at the same time meet the rising expectations of other parts of the UK?

Somehow the obvious stance of having devolution for all parts of the UK that want it seems a recipe for disaster. A divide and conquer approach just won’t work. And if Scotland has to raise more income via imposing higher taxation due to, say, reduced funding coming via the Barnett formula, then a re-run of a demand for independence would be unstoppable. One step the UK government could take would be to follow the advice of Alex Salmond and to create a Sovereign Oil Fund the proceeds of which should be to fund investment outside London.

The prospects for all of the current UK can be as bright as before if a willingness to cooperate and compromise is adopted on all sides. The consequences of not adopting this approach are almost unthinkable.

Alex Russell is a professor of Petroleum Accounting at RGU. Peter Strachan is a professor of Energy Policy at RGU.

More from Energy Voice

Latest Posts