1. Scotland will prosper under independence thanks to North Sea oil.
2. London politicians are "worried stiff" about losing the oil money if Scotland becomes independent.
3. The UK Government "underplayed the value of the oil to the country".
3. The UK Government "underplayed the value of the oil to the country".
Denis Healey: Westminster 'worried stiff' about losing North Sea oil
Lord Healey says:
"I think they are concerned about Scotland taking the oil.
"I think they are worried stiff about it.
"I think we (England) would suffer enormously if the income from Scottish oil stopped but if the Scots want it, they should have it and we would just need to adjust.
"I think we (England) would suffer enormously if the income from Scottish oil stopped but if the Scots want it, they should have it and we would just need to adjust.
"But I would think Scotland could survive perfectly well, economically, if it was independent."
North Sea oil output to rise by a third over five years - The Independent
North Sea oil output to rise by a third over five years - The Independent
In 1974, Professor Gavin McCrone was asked by Edward Heath's Conservative government to work out the value of Scotland's oil.
The report concluded that an independent Scotland "would tend to be in chronic surplus to a quite embarrassing degree."
The government kept the report secret.
The government kept the report secret.
It was only released in 2005 under freedom of information legislation.
Lord Healey, now 95, told Holyrood magazine: "I think we did underplay the value of the oil to the country because of the threat of nationalism but that was mainly down to Thatcher.
"We didn't actually see the rewards from oil in my period in office because we were investing in the infrastructure rather than getting the returns and, really, Thatcher wouldn't have been able to carry out any of her policies without that additional five per cent on GDP from oil.
"Incredible good luck she had from that."
British North Sea oil output seen at 1977 levels this year | Reuters
British North Sea oil output seen at 1977 levels this year | Reuters
About half the oil is still to come.
The Scottish Government's inaugural Oil and Gas Analytical Bulletin in March 2013 has a post-independence scenario which could see "oil and gas production in Scottish waters generating £57bn in tax revenue between 2012-13 and 2017-18".
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