Alex Salmond outlines plan for £30bn Scottish oil fund

Scotland's first minister has been setting out his vision for an independent Scotland to establish an ''oil fund'' to help future generations.

Alex Salmond said that earmarking about a tenth of oil and gas tax revenues - about £1bn a year - could create a £30bn sovereign wealth pot over a generation.

In a speech at the LSE, he said that UK governments in the past had "won the lottery jackpot and then not bothered to set up the savings account" and that this "major policy mistake" must not be repeated.