Salmond: Independence key to growth

Feb 15 2012

An independent Scotland can be "reindustrialised" by the energy sector, Alex Salmond has said.

The First Minister said in the first 20 years of an independent Scotland, an energy fund could generate almost £30 billion.

Speaking to an audience of academics, students and members of the public at the London School of Economics, Mr Salmond also said if Scotland had had full fiscal control since 1979, the nation would now have assets worth between £87 billion and £117 billion.

The speech is the third in a series given by the First Minister south of the border over the last month.

In a speech in Liverpool on Monday, Mr Salmond said the regions of England could benefit if Scotland became independent.

Mr Salmond said independence was the key to Scotland's future economic growth.

He said: "Under independence we would make the best use of our unparalleled energy resources.

"We have 25% of Europe's tidal power potential, 25% of its offshore wind potential and 10% of its wave power potential - not bad for a nation with less than 1% of Europe's population.

"Scotland has a huge competitive advantage. We will be able to produce energy better and cheaper than anywhere else - and in deeper waters".

He cited research by thinktank Reform Scotland that suggested Scotland could export half the electricity generated by 2020 because of the Scottish Government's renewable energy targets.