Pressure on the North Sea oil industry is likely to persist, according to the Bank of England governor, as the sharp drop in prices takes its toll on the wider economy. Visiting Scotland for the first time since before the 2014 independence referendum, Carney acknowledged the effect of declining North Sea oil revenues on the broader Scottish economy. The Scottish government’s North Sea revenues collapsed in 2015-16 to £60m from £1.8bn a year earlier. It was a far cry from the rewards reaped by Scotland in 2008-09, when North Sea revenues were £11.6bn. Income from the oil industry is a key factor in debates over Scotland’s ability to fund its public finances as an independent nation.

Source: The Guardian September 28, 2016 08:44 UTC