Independent Scotland

[mudskipper]

Pretty sure the polls indicate that the majority of Scots would not support independence.

Whether that will still be the case after another few years of Cameron/Clegg policies is another matter.

[Moscow Mule]

Pretty sure the polls indicate that the majority of Scots would not support independence.

Whether that will still be the case after another few years of Cameron/Clegg policies is another matter.

I don't see why it would make a difference, Scotland gets to opt out of all the nasty stuff curtesy of Holyrood.

[Sysman]

Caveat: It's from the Telegraph.

Scotland would be as bust as Iceland if it had been independent

Well maybe, but the fact of the matter is that had Scotland been independent when Royal Bank of Scotland and HBOS, both Scottish registered banks, went under, it would now be more bust that even Ireland and Iceland. As a likely member of the euro, there would also be no obvious path back to salvation. Assuming he had not already been defenestrated in the manner of Brian Cowen, Mr Salmond would by now be begging Westminster to restore the union.

Do the maths. It has cost the UK taxpayer £70bn to recapitalise the Scottish banks – this was no UK banking crisis, but a Scottish one – and the sums needed would undoubtedly have been a great deal larger had not taxpayers from the UK as a whole been standing behind the liabilities. Shared among a population of little more than half the size of London, that’s £14,000 per head.

The idea that had the Scot Nats been in charge, these two banks would have been better regulated, is an interesting theory but also completely fanciful. The Edinburgh financial and political elite is if anything even more defined by cronyism than Dublin’s. Puffed up with its own sense of self importance, the hubris would very probably have been worse still.

Comments from our Scottish members?

[AtW]

"Well maybe, but the fact of the matter is that had Scotland been independent when Royal Bank of Scotland and HBOS, both Scottish registered banks"

Comments from our Scottish members?

I am not Scottish, but if Scotland was independent they would likely be not Scottish registered (ie for tax purposes and liabilities wise).

Now if they did register there and went bust Scotland would be bailed out by Europe just like Ireland was.

HTH

[Cliphead]

Comments from our Scottish members?

Scottish independance is an emotive subject here. Lots of people sing songs about it but very few people I've met think it's a good idea or would support it.

I personally think it will never happen and perhaps that's a good thing, I've yet to hear any argument convincing enough to change my mind.

[shaunbhoy]

Caveat: It's from the Telegraph.

Scotland would be as bust as Iceland if it had been independent



Comments from our Scottish members?

Er... maybe if Scotland had been independent then the "Scottish registered Banks" in question would not have been lending anywhere near as much money to people in England, where the bulk of the debt was run up?

[Addanc]

Taking into account the oil taxation and whisky as well as other Scottish business incomes, it contributes much more per capita than it receives. Fact.

Links please.

[AtW]

I've yet to hear any argument convincing enough to change my mind.

No English duty on whiskey?

[Cliphead]

No English duty on whiskey?

What duty? I have a 'source'

[scooterscot]

Caveat: It's from the Telegraph.

Scotland would be as bust as Iceland if it had been independent

Comments from our Scottish members?

Under an independent Scotland I don't believe the banks would have been bailed out. Let them fail. Scotland is not dependent on tax revenues from finance like London. The decision to bail the banks was not a hollyrood one, it was a westminster one, the telegraph making out like this was a decision that was in the interests of a scottish business is just stirring the pot for some easy earnings. What more do we expect from the Barclay brothers.

Had the banks failed we'd be much better off right now instead of supporting a unregulated corrupt system, which continues to reward itself in the face of failure.