Scotland reports 97% plunge in oil revenues

Oil drilling platforms are seen in the Cromarty Firth from Invergordon, north of Inverness, in the Highlands of Scotland, on April 22, 2016North Sea oil revenues for Scotland have plunged, according to official data out on Wednesday that unionists said undermined the case for independence following Britain’s vote to leave the European Union. Revenues fell to £60 million (71 million euros, $79 million) in the 2015-2016 financial year from £1.8 billion in the previous 12 months — a 97-percent drop due to the dip in oil prices, the data showed. Scotland’s public deficit also rose to £14.8 billion, up from £14.3 billion in the 2014-2015 financial year.

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