In 1974 the English government had received a secret study conducted by economics professor Gavin McCrone.
Nearly all that North Sea oil is Scottish, Professor McCrone wrote. The oil reserves were far bigger than most people realized, he said. An independent Scotland would become one of the most prosperous countries in the world, comparable to Switzerland or Norway, he wrote. Its coffers would overflow. The biggest problem the country might face would be dealing with its massive balance of payments surplus.
Meanwhile, of course, the big loser from independence would be England.
The English government suppressed the report. The McCrone Report was hushed up, and didn’t see the light of day until about ten years ago. We only know about it because the Scottish Nationalist Party, using freedom of information laws, forced the English government to reveal it. Read more