The SNP MSP for Glasgow Shettleston, John Mason, has today highlighted the recklessness of successive UK Governments who squandered North Sea oil revenue despite Government advisors repeatedly telling them to set up an oil wealth fund similar to that of Norway.

Mr Mason tabled a topical question as Ministers and MSPs returned to Holyrood this week following revelations in the Sunday Herald newspaper, which showed the Callaghan Labour Government ignored key advice about saving tax revenues from Scottish oil.

The United Kingdom and Iraq are now the only two oil producing nations in the entire world without any form of savings fund.

Speaking from Holyrood, Shettleston’s MSP, John Mason, said:

“These revelations only go to show that whether it’s Labour or the Tories in power, they both simply do not look out for Scotland’s interests at Westminster.

“Clearly it is frustrating that so much North Sea oil revenue was frittered away by Tory and Labour Governments – and continues to be even to this very day – but that doesn’t mean all is lost.  Scotland is blessed with incredible natural resources and that includes the many years worth of oil that’s still left in our waters.

“In September we have a big choice to make.  Do we stick with more Westminster Governments who want to waste our North Sea oil revenue or do we decide to put Scotland’s future in Scotland’s hands and actually start saving some of the tax revenues from this enormous national asset”.