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Wings Over Scotland



The unlikeliest places 158

Posted on July 26, 2014 by

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.

A war on two fronts 97

Posted on July 13, 2014 by

Iain Macwhirter in the Sunday Herald, 13 July 2014:

“The Scottish Parliament is responsible for health in Scotland but funding remains with Westminster through the Barnett Formula, which increases or decreases every year in line with health spending in England. The intention of the UK health reforms is to get private companies to take on more and more of the work of the NHS, reducing the contribution made by the taxpayer.

This will inevitably reduce the funding that comes to Scotland, even assuming the Barnett Formula is retained. George Osborne has pencilled in a further £35 billion in cuts to health spending. As consultant surgeon Philippa Whitford has argued, this means the Scottish Government might be forced to go along the same privatisation route to fill the gap.

But there is a further threat facing the NHS.”

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Diving for dear life 85

Posted on July 08, 2014 by

Andrew Nicoll in the Scottish Sun, 7 July 2014:

“The summer break means there are now only nine sitting days of the Scottish Parliament left before the big independence vote.

It also means I’ve more time on my hands to catch up with stuff, like a fascinating report from the Scottish Parliament Information Centre looking at how Scotland has changed since we first hosted the Commonwealth Games, back in 1970.

Take shipbuilding, for example. There are endless dire warnings that shipbuilding will be killed off by independence. All I can say is that, reading this report, the UK has already had a damned good try.

In 1970 Scotland’s shipbuilding industry employed 34,000 people, with 10,000 jobs in Glasgow alone. When the Games returned to Edinburgh in 1986, we had 25,000 shipbuilders and now there are just 6,000, half of them in Glasgow.

That doesn’t sound to me like a recipe for success.”

Our emphasis. The full report can be read here.

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To punch above our weight 211

Posted on July 07, 2014 by

Earlier today we referred to a story from the Sunday Times, picked up by some of the tabloids this morning, about how Scotland manager Jock Stein tried to cancel a World Cup scouting trip to New Zealand in 1982 in a panic because he feared that Margaret Thatcher was about to start a nuclear war over the Falklands.

hiroshima

It seems remiss not to note a chilling passage from the original ST piece.

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They will hurt us if we dare 97

Posted on July 07, 2014 by

Scottish playwright Peter Arnott on his blog last month:

“The very core of the fear in ‘Project Fear’ is fear of English vengeance.  All the stuff about trade barriers and borders and passports and no one ever buying whisky again are predicated on the same thing: on the apparently inevitable consequence that they will hurt us if we dare.  

This expectation which informs all the dire prognostications of economic boycotts and general administrative bloody mindedness, even of proper fisticuffs over the assets – is based on an image of the English as petty, spiteful, nasty and vengeful.

The No campaign seem certain that the majority stakeholders in the ‘greatest multinational family’ in history will react like vindictive children.”

Cheers to Wings contributor Simon Varwell for the tip-off.

Meanwhile, back in the real world 136

Posted on July 01, 2014 by

The Guardian, 1 July 2014:

Many British people will never afford an acceptable minimum living standard

The chances of people on low incomes affording a decent life, according to the Joseph Rowntree Foundation, have dramatically reduced.

We know we go on about this quite a lot, but it’s pretty important – if the Tories win the next election, they’ll cut billions of pounds more from the welfare budget. If Labour win it, they’ve pledged that they’ll be even TOUGHER on welfare than the Tories.

Welfare isn’t just about the unemployed, though the unemployed don’t deserve to suffer either. Millions of people in full-time work need benefits to top up their earnings to even remotely close to a liveable standard. Whether under Labour or the Tories, the prospects for the poor are bleak and getting bleaker, no matter how hard they work.

Scotland, alone, has an option for real change available. Just about every billionaire businessman in the country wants Scots to turn that chance down. UK government ministers who rely on Scotland’s multi-billion-pound annual net contribution to the Treasury want them to turn it down. Labour MPs who’ll be out of a cushy job-for-life if there’s a Yes vote want them to turn it down.

All we’d say is if you’re planning to vote No and you’re NOT a billionaire businessman, a UK government minister or a Labour MP, it might be worth wondering why that is.

Four days later 127

Posted on June 29, 2014 by

Julie Webster of the Maryhill Food Bank, quoted in the Evening Times, 28 June 14:

“I have worked in social work for 20 years, so I am pretty hardened but we had a family come in on a Tuesday at 3pm having not eaten since the ­previous Friday.

There had been a problem with benefits and because it was a Bank Holiday weekend the mum had no money for food for her or her two children.

I watched the mum pick up and put down can after can, wondering what she doing, before I realised she was looking for one with a ring pull.

She ripped the top off and starting eating the beans with her hands, she was so hungry. At that point I had to go to the toilets and have a cry.”

The best of both worlds. As good as it gets. UK OK. Better together. No thanks.

The language of priorities 83

Posted on June 23, 2014 by

The Edinburgh Evening News, today:

“Families across the Capital are facing a £780 cut to their annual income following a shake-up of the benefits system, new research has revealed.

Welfare reforms being brought in at Westminster are set to suck £130 million out of the city’s economy – equivalent to £390 for every working-age adult.

The study – produced by experts at Sheffield Hallam University – reveals parents collecting child benefit are most likely to see cuts in their payments while those on incapacity benefit will see the steepest yearly reductions of up to £145. And it has emerged that some of Edinburgh’s poorest areas will suffer the most.

The average family in Craigmillar – the worst-hit neighbourhood in Edinburgh – will lose out on £1240 per year once the full range of reforms are introduced.

But significant losses will be felt even in the city’s most affluent districts, with each family in the Meadows-Morningside ward set to shoulder an average annual hit of £440.”

Well, as long as the poor people are suffering three times as much as the rich people, and the disabled are being hit hardest of all, clearly coalition policy is working as intended. Of course, if Labour get in, it’ll be different – they plan even MORE welfare cuts than the Tories, and they’re proud of it. If you can’t work, you’re dead weight.

We didn’t quite grasp the meaning of the phrase “we’re all in this together” when David Cameron said it before, but we think we’ve got it now.

Another paranoid cybernat 163

Posted on June 17, 2014 by

Charlie Brooker in the Guardian, 17 June 2014:

“David Cameron has responded to [the ‘Trojan Horse’ schools] crisis by declaring we need to celebrate ‘Britishness’ with more enthusiasm.

More enthusiasm? More? We’ve been celebrating Britishness with the strained determination of a man desperately trying to shit a cricket ball for the past five years. There’s a Union Flag on every cushion, bedspread and Rimmel commercial. Twee cartoons of the London skyline adorn packets of biscuits. TV can’t shut up about Britain. The Great British Menu. The Great British Summer. The Great British Sewing Bee. The Great British Bake Off. The Great British Bayou. The Great British Bull Run. The Great British France.

We had the Olympics, for Christ’s sake. We spent the whole of 2012 waving flags like a semaphore dictionary on fast-forward. And that wasn’t enough? Now, years later, just as the Keep Calm and Carry On posters are finally starting to yellow and peel and fall from the wall like scraps of torched parchment, now Cameron wants MORE of that bullshit?”

Nice to know it’s not just us noticing.

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Quoted for Tories 110

Posted on June 03, 2014 by

This is Lord (Ian) Lang of Monkton (Conservative) speaking in the House Of Lords on the 6th of September 2011, during the second Lords reading of the Scotland Bill (later to become the Scotland Act 2012):

“Over the past decade, United Kingdom public spending, which determines the level of the Scottish block grant, has grown faster than Scottish income, which of course determines the revenue from income tax. UK public spending, of which Scotland has received its share and more, has grown by 94 per cent in 10 years, but Scottish income by only 48 per cent.

Therefore, when the new Scottish income tax replaces part of the block grant, it seems that it will have to be raised above the United Kingdom rate for Scottish public spending just to stand still.

And there’s more.

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Quoted for LOLs 65

Posted on May 14, 2014 by

Mark Wallace in Conservative Home, 14 May 2014:

“Darling might not have been the most dynamic campaigner in the world, but at least he isn’t a complete and utter Jonah. Replacing him with Alexander is the equivalent of replacing your single-bar heater with a bonfire in your lounge because you weren’t warm enough, substituting your Morris Minor with a North Korean missile in the hope of getting to work faster or deciding to shave with a lawnmower because your disposable Bic was a bit blunt.

Because it actually did make us laugh.

Yet another warning from history 87

Posted on May 13, 2014 by

The Scotsman, 24 March 2007:

Brown: I will save the union

Gordon Brown last night revealed he was placing himself at the heart of Labour’s Holyrood election campaign, declaring it was his ‘duty’ to save the Union from the SNP.

In an exclusive interview with Scotland on Sunday, Brown pledged to spend the six weeks before polling day ‘explaining and exposing’ the Nationalists’ ‘disastrous’ plans.

The Chancellor ruled out any plans to give more power to the Scottish Parliament saying it was not necessary.”

How (some) things change, eh readers?

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