Wings Over Scotland

Investors Chronicle (part of the Financial Times group), 25 July 2014:

“In the 12 months since we recommended EnQuest (ENQ) as a speculative buy option, the share price of the North Sea independent has oscillated within a relatively narrow range (-11p/+16p) either side of the current share price of 132p. The relative stability (or stagnation) of the share price – depending on your point of view – is partly attributable to repeat production delays on the Alma/Galia project.

But oil from the 34m barrel development is now imminent, which will help to shore-up near-term sentiment, particularly if output is cranked-up in fairly short order. However, even beyond the immediate quest to bump-up EnQuest’s daily production volumes by another 13,000 barrels, the driller’s strategic focus on exploiting maturing assets and underdeveloped fields in the UK North Sea places it in an ideal position to benefit from likely regulatory reforms, and we recommend buying in anticipation.

We think that Westminster has been deliberately downplaying the potential of the UK Continental Shelf (UKCS) ahead of September’s referendum on Scottish independence.

The Department of Energy has certainly been far more subdued than it was at the time of the February publication of Sir Ian Wood’s preliminary findings on the future of offshore oil & gas in the UK.

According to the report, the UK economy could generate £200bn over the next 20 years through the recovery of only 3-4bn barrels of North Sea oil and gas. Many analysts believe that the potential is much greater.“

(Our emphases.) We all suspected as much, of course. But the Investors Chronicle isn’t exactly a renowned fount of Scottish-nationalist propaganda – for 150 years it’s been making its living out of telling the City of London how to get richer. If you want to find out what the UK’s wealthy elite REALLY think about the North Sea’s prospects, you won’t find a much better indicator.

So if it’s telling its readers to dive in on oil companies which had a big DROP in profits last year (you know, the freak low year for oil tax receipts that the UK government just loves to use as the foundation for its theatrically gloomy analyses of an independent Scotland’s finances), it’s probably worth taking note.

Alert readers will doubtless have noticed that a post yesterday was disrupted by a series of strident and increasingly ill-tempered comments by a particular user, themed around their insistence that a central bank is a prerequisite of EU membership, and therefore Scotland wouldn’t be eligible if it was using Sterling as its currency OUTSIDE of a formal currency union with the rUK.

In fairness, that’s an assertion that quite a few people have made during the debate, and the commenter – eventually, having been repeatedly challenged for evidence to back up his claim – managed to provide a couple of examples, in the form of the New Statesman’s George Eaton and the Telegraph’s Andrew Lilico.

The problem, of course, was that those were just equally empty assertions which provided no evidence. So rather than argue the toss over interpretations of obtuse legalese, we thought we’d just go straight to the horse’s mouth, and we rang Graham Blyth, the Head of Office of the European Commission in Scotland.

Being such important people, we got straight through.

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For at least a year now long-suffering newspaper readers have had to endure dire warnings from Unionist politicians about the dastardly Nats turning the Commonwealth Games into some sort of evil referendum propaganda campaign. (It was, of course, absolutely fine to continually invoke the “Olympic spirit” in 2012 and beyond as a reason Scots should vote to stay in the UK. That’s totally different.)

Today’s UK edition of the Daily Mail (on the left above, and somewhat different to the Scottish edition on the right) carries a story that appears in several papers about the opening ceremony, in which it transpires that the Red Arrows were forbidden by the Ministry of Defence from creating only blue-and-white vapour trails over Celtic Park.

But even after just one day, it’s far from the only example of the No campaign’s politicisation of the Friendly Games.

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We suspect this isn’t one of the ones Mr Darling gets paid £10,000 for.

Still, only putting out 12 seats is one way to guarantee a “standing room only” crowd.

The Wee Blue Book is extremely close to finished now, readers. We’re just buffing the corners. But we thought you might like to get a head start on one bit of it.

As well as trying to answer all the reasonable and sensible questions that undecided or No voters might have of the Yes side, the book will encourage them to ask a few tricky ones of their No representatives too, because we’ve been waiting two-and-a-half years for the media to do it with no luck.

But as you’ve been so awesome at writing to your MPs and MSPs before, enabling us to (for example) shed some cruelly harsh light on the full shambolic incoherence of Labour’s devolution plans, it seemed only fair that you got to have a go first.

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Scotland enjoys the opening ceremony.

There’s an article on the BBC website today with the self-explanatory title of “Scottish independence: How would the UK fare without Scotland?”

On the left is what it said yesterday (that losing Scotland would be bad for the UK). On the right is what it says today (that losing Scotland would be good for the UK).

Does anyone know what calamity befell Scotland’s economy overnight?

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Can be seen in today’s Scotsman – ironically in a comment located below a story headlined “Independence: Salmond pledges politics-free Games”.

Below it is a torrent of anti-SNP abuse, including the suggestion that Alex Salmond should be dropped out of a helicopter without a parachute. We’re sure, of course, that the No campaign will rush to condemn these remarks by another of Blair McDougall’s Brit Boys, and that the media – which scours the most obscure websites and Twitter accounts for comments to whip up a “cybernats” storm about – will have a double-page spread on it tomorrow.

Yesterday a number of news outlets including the Scotsman, the Courier and STV all carried a scare story from Gordon Brown about independence ending cross-border organ transplants. Curiously, none of them had thought to check the allegation with NHS Blood & Transplant, so we did it for them, and got the unequivocal and unambiguous answer back that “Scottish independence will not affect organ donation and the system will continue as it does currently.”

You’d imagine that the publications concerned would have wanted to put their readers’ minds at rest by publishing that categorical reasssurance today, wouldn’t you?

You know how the rest goes by now, readers.

We got our reply (emphasis added):

“Good afternoon,

Thank you for your recent telephone call to the NHSBT Donor Line.

I can confirm that Scottish independence will not affect organ donation and the system will continue as it does currently.

I hope this answers your query, please let me know if you require any further information and I will be happy to help.

Kind regards,

Tom Kempster
ODR Assistant

NHS Blood and Transplant
Organ Donation and Transplantation Directorate
Fox Den Road
Stoke Gifford
Bristol
BS34 8RR”

Tom didn’t actually say the words “Gordon Brown is lying through his teeth to terrify Scottish people into voting No”, but we think it’s pretty much implied.