Scotland North Sea oil revenues collapse by nearly 100%

Scotland’s revenues from North Sea oil have collapsed by 97 per cent in the past year as oil prices have plummeted, reigniting a fierce debate over whether an independent Scotland could finance itself.

Scottish Liberal Democrat leader Willie Rennie said: “The nationalists’ case for independence has been swallowed up by a £14bn black hole.”

Taxes collected from oil production fell from £1.8bn in 2015 to just £60m in 2016. The gap between tax revenues and what Scotland spends is now 9.5 per cent, or £14.8bn, compared to a 4 per cent deficit for the UK as a whole.