Scotland

A cold wind of economic reality is blowing in from the North Sea. The days in which offshore oil and gas production could provide easy revenue to support public spending are over. Development of the area’s remaining reserves will only thrive if the tax regime is completely rewritten, with the tax take drastically reduced. Politicians in London and Edinburgh should accept this reality rather than pretending that we still living in the glory days of the 1980s. Read more

It is always a pleasure to have a good laugh. I am, therefore, grateful to the Scottish National party for announcing their new energy policy. Read more

First Minister Alex Salmond, left, favours growth of wind power. Getty Images

The Treasury does not agree with the level of subsidies being offered but has been forced partially to back down because of the political imperative of keeping the coalition together. The secretary of state Ed Davey, a Liberal Democrat, believes in setting medium-term targets on emissions but has been forced to back down and to accept a time-limited policy, which will be reviewed again after the next election. The result is that no one believes the policy being published this week is the right answer, or that it will endure beyond 2015. Read more