Westminster has been accused of releasing figures which underestimate
North Sea oil and gas revenues
Scottish News: News in Scotland - Tuesday
Westminster not being honest about Scottish oil revenues, says Salmond
First Minister Alex Salmond today launched a scathing attack on the UK government over what he described as "fibs" relating to the future value of North Sea oil revenues. Oil economist, Professor Alex Kemp, of Aberdeen University has said the figures produced by Westminster's Office of Budgetary Responsibility (OBR) are based on only 10 billion barrels being produced by 2014 whereas he believes that by 2042 a minimum extraction figure will be in the region of 15 to 16 billion barrels.
CURRENCY INDEPENDENCE v UNION LATEST
(International news on currency union to inform the Scottish referendum debate)
Spain mired in depression
Spain's crisis-hit economy remains in 'recession' after figures were released for the second quarter of the year showing GDP fell by 0.1 percent. The drop is the seventh successive quarter in which output has fallen in the nation which has an unemployment rate of 27 percent and accounts for one-third of the EU's unemployed. Making things worse house prices continue to slide and the government has used social security money to pay a gap in pension payments. 97 percent of Spain's social security fund is invested in Spanish government bonds. The Latin country also faces political turmoil as the ruling PP faces corruption allegations. Spain is a member of the Euro currency union.
More Scottish news:
- UK crisis: Corruption levels soaring since 2008 financial crash
- Scottish independence: Man's limitations and Scotland's money
- 'No' vote to independence risks population exodus
- Bank of England should be abolished
UK crisis: Warning that Osborne creating new housing bubble
The chancellor's programme guarantees £130bn of low-deposit mortgages runs the risk of driving up housing prices warn campaigners. The warnings come as George Osborne launched the second phase of his Help to Buy scheme today (Tuesday). The scheme will underwrite house purchases of up to £600,000 - the scheme is to help more people take out a mortgage without a significant deposit.
Crosby denies discussing tobacco with Cameron
Conservative party election strategist, Lynton Crosby, has made public his complete denial that any discussion or lobbying took place between himself and the prime minister or the health secretary in relation to tobacco packaging. Mr Crosby's hopes to draw a line under the controversy raised because he holds a party advisor role and a lobbying consultant role.
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