Alex Salmond 'rolls back' on North Sea oil fund Speaking at a conference organised by a Murdoch newspaper in Edinburgh, Mr Salmond admitted he might not be able to create such a fund, at least for the first few years after separation. Mr Salmond declared: "We could, when fiscal circumstances allow, establish an energy fund to ensure that future generations benefit from the trillion pounds of oil and gas reserves which lie below our seas." Danny Alexander, the Chief Secretary to the Treasury, said: "If even Alex Salmond is rowing back from his promises on oil, then the credibility of his entire economic message is called into question." Mr Salmond previously said an independent Scotland would set aside about £1 billion a year of oil and gas tax revenues, claiming this could lead to a fund worth £30 billion after 20 years. However, this would require annual £1 billion public spending cuts to budgets such as health and education. David McLetchie, Scottish Tory constitution spokesman, said: "This is a typical piece of fantasy economics from Alex Salmond, trying to pretend we can have everything when we can't." Ken Macintosh, Scottish Labour finance spokesman, said: "This is yet another admission that the economics of separation are uncertain at best and downright dangerous for our economy at worst." Willie Rennie, the Scottish Liberal Democrat leader, said it was becoming apparent the SNP's economic policies are based on "vacuous slogans."