I foresee more cuts

On a day of two headlines “No cash from Viking until 2020” and “More cuts on the cards” (SN 15/11/12), I cannot help worrying about the future income of Shetland Charitable Trust when they are fully invested in Viking Energy, but money has not yet started to flow.

Mr Goddard’s paper on funding dated 4 October 2010 forecasts a £62m investment in Viking, which will have zero return for a considerable period i.e. SCT’s income will be reduced by a further £2m.

Assuming current conditions prevail, annual income will drop to £7m.

I foresee considerably more “cuts on the cards”.

Alan Skinner
Cullivoe
Yell