Sunday, March 02, 2014


Journalist Iain Macwhirter writes that: "There was confirmation last week that an independent Scotland would not only be economically viable, but could have a highly successful and diverse economy with a healthier credit rating than the UK."

IScotland Would Be Oil Rich And Creditworthy Even Without The Banks - 2 March 2014

Iain Macwhirter

According to Macwhirter:

1. "Scotland is on the cusp of another oil boom, according to a report from Sir Ian Wood, commissioned and endorsed by the UK Government.

"It said there are still up to 24 billion barrels of recoverable oil, worth about £200 billion in additional revenue, and £1 trillion-£2trn in reserves."

St Andrews

2. "According to one of the world's biggest rating agencies, an independent Scotland might have a AAA credit rating even without taking the oil into account."

Standard and Poor's said that "losing some of the big banks might be a benefit to an independent Scotland as a top-heavy banking sector could cause trouble if one institution went bust."

3. "The truth is that Scotland has the potential to be a world-leading economy."

4. The insurance giant Standard Life "apparently briefed the press that it might take 5000 jobs out of Scotland.

"Some internal sources suggest that the number being talked of is only 50. 

"Standard Life made similar noises in the early 1990s over the prospect of Scottish devolution. You might have thought that would make it wary of crying wolf again - especially as its pre-tax profits fell last year by 13%."

 The Clyde

5. Barclays chief executive Antony Jenkins said last month that he "can make it work either way" on independence.

British Airways has also distanced itself from the debate, saying it might even benefit from an independent Scotland.


6. Royal Bank of Scotland announced last week that it was preparing to leave, because of the "political risks" of independence.

"Some might think this no great loss, given that the bank had just reported losses of £8bn, while shamefully paying its bosses £500 million in bonuses.

"Let the rest of the UK take on the toxic balance sheet of the bank that almost single-handedly destroyed the UK economy and has lost more than £40bn in the last few years."

Comments from readers of the Sunday Herald include:

Dr Douglas McKenzie

"What has shocked me this week has been... the BBC's complete blanking of the Standard and Poors report which I believe to be probably the most important document in the debate so far...

Alex Holmes, Isle of Arran

"Unfortunately, voters are visually assaulted daily by the lurid, doom'n'gloom headlines of the London controlled rags in the newspaper stands."

Iain Lawson, Paisley .

"The financial position and level of debt within the UK economy is eye watering... International finance will start to study the consequences of ... the wealthy, asset rich Scotland being lost to the London borrowers."

Tony Little

"The FT considers that iScotland would start life with a sound economy, and many independent economists think that iScotland would have very little need to borrow."



Anonymous said...

U said Tony Little but the pic is that of Groucho Marx

Paul said...

Can you imagine how hard they would work to undermine and trash an independent Scotland? At least Muslim mercenaries and Israeli soldiers out of uniform would be pretty obvious there.

Anonymous said...

Bankster's cant wait to rape an independent Scotland with the help of SNP who are not and have never been a Nationalist Party.

Anonymous said...

The facebook campaign against independence has used imported assistance from overseas. Lots of spooky characters who don't exist outside facebook. All reading from a similar script, "working" the same hours and employing trolling techniques to "verbal" opponents. Not obvious at first but once you dig a bit they start to pop up along with plenty of Lab/Lib activists who don't have a vote and Forces Together who don't have a vote either.

ronan browne said...

the rest of the UK could have more difficulties with out Scotland Oil The London based banking sector will be an even bigger part of the economy we have a feta currency and a huge debt No amount of creative accounting will hide the mess forever.
England's economy is on life support and the plug will be pulled.

Anonymous said...

Scots should seize this golden opportunity to become independent. Throw off the corrupt and subjugating yoke of the "crown" and all the dross it represents and stands for. Hopefully the Scots will do the right thing for themselves and ultimately "We the People" in England can also free ourselves from the slavers in london and actually live in a free democratic republic where only those elected in honest elections by the common people will enter government. No more so-called "career politicians" who have never had a real job & only focussed on their own bank balances at the consistent expense of those they claim to represent. We the English have had enough of the thieving, corrupt liars polluting our lives and the very air we breathe so c'mon you Scots and show the rest the world why you are special and show us us who also have aspirations of freedom, truth, and a belief in what is fundamentally right, justice based on Common Law and equality before God, and away with the tyrants despoiling our planet and committing acts of gross indecency, genocide and crimes against humanity for all our sakes. Reiverdave

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