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from Global Investing:
Oxford SWF Project, a university think tank on sovereign wealth funds, is looking at reports that the latest entry in the field could be Scotland. The project has a new post about the Scottish government floating the idea of an oil stabilisation fund to use oil and gas revenues. It cites Scottish cabinet secretary for finance John Swinney looking abroad gleefully:
“We want to harness the benefit of oil revenues now for future years. An oil fund can provide greater stability, protect our economy and support the transition to a low carbon economy. Norway’s oil fund is worth over £200 billion – despite the first instalment being made as recently as the mid 1990s – and Alaska’s oil fund even gives money back to its citizens every year.”
The SWF project reckons the idea is a good one, but wonders if something other than meets the eye is at play. It had two questions.
First, it wonders whether the plan might just be a political rebuke for the UK government from the ruling (and separatist) Scottish National Party over a perceived lack of savings over the years. Second, it notes that the UK government floated the idea of a strategic investments fund back in April and questions whether "the Scottish SWF reflects a ‘whatever they have, we should have’ mentality".
from UK News:
The National Galleries of Scotland and London's National Gallery said on Monday they had raised the 50 million pounds needed to save a key work by Renaissance master Titian before it was put up for sale by the Duke of Sutherland.
Of the 50 million raised for "Diana and Actaeon", the Scottish government pledged 12.5 million pounds, 7.4 million came from public donations, 12.5 million from National Galleries in London and another 10 million pounds came from the National Heritage Memorial Fund.