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No Norway-Style Oil Fund for an Independent Scotland, Niesr Says

An independent Scotland wouldn’t have enough money from North Sea energy to create the Norwegian-style oil fund promised by nationalists campaigning to leave the U.K., according to a report published today.

Based on forecasts for production and prices, the new state would need all the money to maintain spending on services and avoid mounting debt, the National Institute of Economic and Social Research said. To pay for a “modest version” of the fund, Scotland’s financial position would have to change, such as by cutting public spending or increasing taxes, it said.