Now Scotland wants tax breaks to bail out struggling oil industry... just four months after Salmond said North Sea would bankroll his independence dream, Daily Mail

Now Scotland wants tax breaks to bail out struggling oil industry... just four months after Salmond said North Sea would bankroll his independence dream

·         Price of a barrel of Brent crude has more than halved since June to $48

·         Dramatic fall undermines SNP claim that oil would make Scotland rich

·         Now Scottish ministers are demanding UK government steps in

·         Chancellor George Osborne under pressure ahead of Budget in March

·         Oil expert Sir Ian Wood says taxes should be cut by up to 10%

·         Tories condemn SNP 'deceit' that the price of oil would rise and rise

The Scottish government is demanding tax cuts to bailout the oil industry, just four months after claiming that booming North Sea reserves would bankroll independence.

The move has been ridiculed by supporters of the Union, who point out that if voters had backed independence in September the country would not be in crisis.

The price of a barrel of Brent crude – the global benchmark – has more than halved since June to around $48 (£31.50). Experts predict it could fall as low as $31 (£20.44) by April.

The weak oil price seriously undermines the claim by the SNP's Alex Salmond and Nicola Sturgeon nationalists that an independent Scotland could rely on its natural resources.

Scotland's Energy Minister last night issued a demand for new tax breaks to shore up the industry, after BP announced it was cutting 200 onshore workers and 100 contractor roles from its 3,500 staff in the North Sea.

Mr Ewing said: 'It is clear to me that the UK Government has accepted it must act on tax. My question is why wait in respect of the supplementary charge until March

'This is the most serious jobs situation Scotland has faced in living memory.'

But rival parties have this week condemned the SNP for demanding help from Westminster just months after wanting to sever ties with the rest of the UK. 

Scottish Conservative leader Ruth Davidson said: 'The SNP told the people of Scotland the price of oil would rise and rise - that was a deceit.

'No end of experts pointed out the many flaws in this fanciful policy, but they were dismissed by the Scottish Government as scaremongering.

'In the last few weeks we've seen just how volatile the price of oil really is.'  

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Lib Dems: SNP could gain independence by back door by Scott Macnab, The Scotsman Newspaper.

Willie Rennie, Leader of the Scottish Liberal Democrats.

The SNP could still gain “independence by the back door” through an “ultra extreme” form of devolution in a post-election deal, Liberal Democrat leader Willie Rennie will say tonight.

The comments follow warnings by former First Minister Alex Salmond last week that the forthcoming UK election could be used to secure “home rule” for Scotland.

Mr Rennie will claim “the Nationalist campaign continues” in a keynote speech in Edinburgh.

But Nationalists last night dismissed the claims and insisted there is widespread support for Holyrood controlling all areas of government policy except defence and foreign affairs. “Independence can only be decided in a referendum,” said SNP backbench MSP Mark MacDonald.

Mr Rennie will go on the offensive in a lecture at the David Hume Institute this evening in Edinburgh.

“The SNP want independence by the back door,” Mr Rennie will say. “As a minimum they say they want a form of ultra-extreme devolution that doesn’t exist anywhere else in the world and which would inevitably tip Scotland into independence.”

Mr Rennie will accuse Nationalists of “redefining what an election was about” after the votes have been counted.

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Alex Salmond to demand tax autonomy despite oil price by Simon Johnson, The Telegraph

Alex Salmond

Alex Salmond has said SNP MPs would demand full tax powers to support a Labour Government despite warnings this would mean billions of pounds more of Scottish spending cuts thanks to the plummeting oil price

.

The former First Minister’s intervention came as Scottish Parliament research showed nearly 16,000 North Sea jobs are at risk, the largest threat to employment faced by the country since the Ravenscraig steel plant closed 23 years ago.

He predicted the Nationalists could win a “barrow load” of seats in May’s general election and confirmed that a second independence referendum would not be among his conditions for propping up a minority Ed Miliband government.

Instead he said the SNP would demand “home rule”, which he defined as control over everything except defence and foreign affairs, meaning the Barnett formula would be abolished and Holyrood given control over all taxes and spending.

But Unionist parties warned this would mean an additional £18.6 billion of spending cuts to public services in Scotland thanks to North Sea oil prices having nosedived to around $50 per barrel.

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Further Reading

Oil crisis: SNP under fire over forecasts refusal. The Scotsman Newspaper

Pro-Union parties claim Alex Salmond's crusade could cost Scotland billions. The Daily Record

Salmond power bid slated as ‘back seat driving’ Daily Express

BREAKING NEWS: Alex Salmond resigns hours after Scotland votes no to independence. Daily Mail

  BREAKING: Alex Salmond announces he is resigning as Scotland's First Minister after independence defeat

  It came after the 'No' campaign secured 55% of the vote with Mr Salmond's Yes to independence camp achieving 45%

  Total turnout was 84.5% topping 90% in pro-Union areas but dipping to the mid-70s in key Yes working-class areas    

  Yes wins in Dundee, Glasgow, North Lanarkshire and West Dunbartonshire, but fell short by 384,935 votes

  David Cameron addressed the nation this morning vowing to introduce 'English votes for English laws'

  The Queen is following events 'closely' and will make a statement today in response to the public's decision 

  Tennis champion Andy Murray rows back from pro-independence tweet, insisting he will still play for Team GB 

Alex Salmond this afternoon dramatically quit as Scotland's First Minister after voters rejected independence.

The First Minister said he would stand down in November to let the next generation take over the fight to lead Scotland out of the Union. 

Mr Salmond announced his departure at a press conference this afternoon. He said 'party, Parliament and country' would benefit from 'new leadership'.

But he fired a warning shot at David Cameron not to go back on his promise to transfer sweeping new powers to Holyrood within six months.

This afternoon's announcement came after he was forced to accept that a majority of Scots had decided 'at this stage' not to become an independent country. The 'No' campaign secured 55 per cent of the vote to the nationalists' 45 per cent.

Comment:

Mr Salmond has done the honourable thing and has resigned after the shock defeat of the Yes camp in the Scottish Independence Referendum,  it would be interesting to see who replaces him,  the most obvious candidate is Nicola Sturgeon.   Scotland has decided to remain part of the United Kingdom, it’s time for Scotland to decide who forms the next Scottish Government, The Scottish National Party needs in the next few months, to step down and call a general election in Scotland,  I believe that the SNP no longer have the mandate or the support of the Scottish electorate and they should do the honourable thing and let the Scottish people decide what political party lead their government,  after the success of the Better Together,  there are 3 men from the same political party who I believe should make a better First Minister,  Alistair Darling,  Douglas Alexander and Gordon Brown. I would like to make an appeal to Mr Brown,  Scotland needs you Gordon.

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SCOTLAND SAYS NO! SNP leaders admit to 'deep disappointment as Better Together campaign heads for clear victory in referendum. Daily Mail

  LATEST: With 29 of the 32 council areas in Scotland now declared, No leads on 55% with Yes on 45%

  Salmond takes to the skies after pulling the plug on a planned appearance at his local count in Aberdeenshire 

  Clackmannanshire - rated most likely to vote Yes by Credit Suisse - rejected independence in first result of the night  

  Yes wins in Dundee, Glasgow, North Lanarkshire and West Dunbartonshire, but is trailling by 200,000 votes

  Allegations of 10 electoral fraud cases in Glasgow as voters 'turn up to polling station to find they had already voted'

  Thousands of Yes campaigners in Glasgow's George Square waving Saltires and burning flares - but some arrested  

  David Cameron to address the nation early on Friday morning to set out ways to 'rebalance' power across the UK   

  The Queen is following events 'closely' and will make a statement tomorrow in response to the public's decision

  A former St Helens councillor was charged with assault as she campaigned against Scottish independence in Glasgow 

  Tennis champion Andy Murray rows back from pro-independence tweet, insisting he will still play for Team GB 

Better Together leader Alistair Darling today said he was 'humbled' by the level of support for the United Kingdom, as the people of Scotland overwhelmingly rejected Alex Salmond's lifelong push for independence.

Mr Darling hailed an 'extraordinary night' in which 55 per cent of people voted against separation, with just 45 per cent in favour.

In the early hours, Mr Salmond shunned the cameras to board a private jet from Aberdeen to Edinburgh, contemplating the comprehensive failure of his efforts to destroy the 307-year-old Union.

But in a message posted on Twitter he praised the city of Glasgow, one of the few places to vote in favour of independence, and 'the people of Scotland for such a incredible support'.

He hoped to triumph in one of the most extraordinary political battles in British history, but the determination of the people of Scotland means the United Kingdom remains in tact, and Mr Salmond faces the grim prospect of being forced out of office. He will make a public statement at 6.20am.

Turnout has topped 90 per cent in pro-Union areas, but in the key working-class areas where Yes needed big wins, turnout dropped to the mid-70s.

Mr Cameron will seek to exploit the result with an early morning television address today, holding out the prospect of Scottish MPs being excluded from voting on English affairs.

As a Yes campaign rally in George Square in Glasgow fizzled out, officials in the city launched an investigation into 10 cases of suspected electoral fraud at polling stations.

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Scottish independence: Five reasons Salmond is secretly hoping for a 'No' vote, The Independent

He has made realising the dream of an independent Scotland his life’s work. But as the nitty-gritty issues behind that dream have been debated endlessly over recent months deep down is the leader of the ‘yes’ campaign is having second thoughts? Here are five things that maybe keeping Alex Salmond up at night, and why he may be secretly praying his countrymen vote No tomorrow.

1)     He’s taking a huge gamble on oil. All of the Yes Campaign’s budgeting for the future depends on the ability to raise a certain amount of revenue from North Sea Oil. But that is horribly unpredictable. All of the published predictions – both optimistic and pessimist are just that: predictions. It’s a pretty scary thing to base the future of an independent country on.

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How Alex Salmond cheered on his pal Fred the Shred as he ruined Royal Bank of Scotland , Daily Mail

Alex Salmond blithely declares that an independent Scotland would be a land of milk and honey in which business magically flourishes, the economy will outgrow England’s and taxes will be slashed.

This crazily unrealistic and deeply irresponsible prospectus is very reminiscent of another Scot, whose arrogance and monumental incompetence cost British taxpayers £45 billion when they had to bail out the Royal Bank of Scotland, of which he had been boss.

Step forward Fred ‘The Shred’ Goodwin, who walked away from the wreckage of the once-proud institution with a £693,000-a-year, index-linked pension. It was his management of the Edinburgh-based bank that helped to trigger the worst recession since World War II — the financial crash in 2008.

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The man determined to shatter the UK: He is a gambler and former Maoist rabble-rouser who favoured direct action. Whatever else Salmond might lack, it is not self-belief . Daily Mail

Today Alex Salmond could preside over greatest upheaval in 300 years

It is climax of long journey for boy raised on Linlithgow council estate

He was key member of far-left faction of SNP and was kicked out of party

But slow rise has continued since 1987 when he was elected as an MP

Employees describe him as quick to anger, a bully - and a gifted orator

Few people noticed the attractive, middle-aged woman nervously watching the First Minister from the spin room on the night of his second debate with Alistair Darling.

Elegant and discreet, with a bright smile and an easy manner, Claire Howell has got closer to Alex Salmond in these last few months than most do in a lifetime.

She is his longstanding ‘happiness coach’, an enthusiastic ray of sunshine brought on board by the SNP to re-brand Team Salmond as friendly, approachable and electable.

In the run-up to the debate she had often been by his side, sitting in on high strategy Yes meetings and attending a Business for Scotland dinner at the Glasgow Marriott where Mr Salmond was the guest of honour.

But on that August night, under the hot lights of Kelvingrove Art Gallery and Museum, Mr Salmond went off script.

Gone were the conciliatory gestures, the smiles and the softer language. Instead, Salmond the bruiser was back – his grin crumpling into a grimace, his hand a resolute fist, his manner loud and hectoring.

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Triple blow for Salmond – on finance, the EU and the NHS, Daily Express

ALEX Salmond was last night accused of trying to hoodwink Scots as his campaign to break up Britain suffered a series of damaging blows.

Critics said the SNP leader’s case for separation had stalled with just hours left until votes are cast in tomorrow’s referendum.

It came after a damning report warned an independent Scotland would collapse within a year if it kept the pound and walked away from its share of  the UK’s national debt.

Respected think-tank the National Institute of Economic and Social Research (NIESR) said that reneging would freeze the country out of the EU and international markets, triggering “unprecedented austerity”. Meanwhile, the Spanish government directly contradicted Mr Salmond’s claims by warning a breakaway country would be forced to wait at least five years to join the EU and then sign up to the euro.

And in a further blow to the First Minister a leaked report revealed hospitals faced a funding black hole of up to £450million in a separate nation despite his claims only a Yes vote can save the NHS.

Scottish Lib Dem leader Willie Rennie MSP said: “Today the SNP’s three main arguments on the NHS, EU and sterlingisation fell from under them.

“With only hours until the crucial vote, Alex Salmond has been caught out trying to hoodwink the people of Scotland.”

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Independence referendum: Nationalism's aim was to divide us from England but it's split us from ourselves

IT seems like we now live in two Scotlands. No matter what the outcome in tomorrow’s sleepless dawn, we will be in a divided country.

Gordon Brown roars into life: On the eve of historic vote, ex-PM gives the speech of the campaign so why wasn't he in charge of the No campaign from the beginning? Daily Mail

  Former Prime Minister launches most passionate defence of the union yet

  Destroys Alex Salmond's attempt to 'own' Scotland as a country

  Brown bellows: 'What we created together, let no nationalist split asunder' 

  Extraordinary speech reignites talk that he should have led No campaign

  Poll shows 60% of Scots think Darling has done badly, but Brown 50%

Gordon Brown today delivered the speech of the referendum campaign, urging voters to have the 'confidence' to say No to independence.

The former Prime Minister tore into Alex Salmond, insisting Scotland does not belong to him or any other politician, declaring: 'Scotland belongs to all of us.'

Speaking without notes, he urged anyone with doubts about the risks of separation to vote No to save the Union, adding: 'What we created together, let no nationalist split asunder.'

The speech could become seen as one of the defining moments of the campaign, and reignite questions about whether Mr Brown should have fronted the No campaign from the start. 

Mr Brown addressed hundreds of UK supporters at a community centre in Glasgow, standing shoulder to shoulder with his former Chancellor Alistair Darling, leader of the Better Together campaign, and Scottish leaders from Labour, the Conservatives and Liberal Democrats.

In a direct challenge to Mr Salmond's claim that to vote Yes is the patriotic thing to do, Mr Brown said: 'Tell the Nationalists, it’s not their flag, their culture, their country or their streets.

'Tell them it’s everyone’s flag, everyone’s culture, everyone’s country and everyone’s streets.

'And tell them that our patriotic vision is bigger than nationalism; we want Scotland not leaving the UK, but leading the UK, and through leading the UK, leading in the world.' 

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Scottish independence: Yes vote ‘would be tragedy’ The Scotsman

LEADER OF the No campaign Alistair Darling has said that it would be a “tragedy” if Scotland votes for independence tomorrow.

The Better Together leader said the promise of further devolution from the main Westminster parties would offer a “better change” than the uncertainty of independence.

He said some people involved in the increasingly bitter referendum campaign had “stepped over the line” and an effort would be needed to “calm things down” after the results come in.

Mr Darling told BBC Radio 4’s Today programme a No vote would offer “faster, more secure, better change within the United Kingdom than the years of wrangling that would follow if we were to vote to leave the UK tomorrow”.

He acknowledged that, despite the show of unity by David Cameron, Ed Miliband and Nick Clegg, there was a “difference between the parties” over the extent of the powers that would be devolved, but pointed out that had also been the case before the establishment of the Scottish Parliament and the most recent transfer of competences to Holyrood.

Mr Darling stressed that the stakes were high, and there would be no turning back from the results of tomorrow’s vote.

“This is to settle the matter for a generation because I don’t think there’s any appetite in Scotland for another referendum,” he said.

“It’s not like a general election where you can give the government a good kicking if you don’t like them.

Read more here:

Sterling could be plunged into the abyss, and Scotland would face unprecedented austerity if country votes 'Yes', warns top banker. Daily Mail

  Alex Salmond said Scotland will be entitled to use the pound if independent

  Westminster claims Scotland will have to seek an alternative currency 

  Salmond has threatened to walk away from Scot's share of the national debt

  Alex Salmond's Plan B would see every British taxpayer paying £5,900 extra 

Scotland risks unprecedented austerity and the pound could ‘plunge into the abyss’ if the referendum results in a Yes vote, economic experts have warned.

The National Institute of Economic and Social Research expressed dismay at Alex Salmond’s ‘Plan B’ if an independent Scotland is barred from using the pound.

The think-tank said the SNP leader’s back-up plan – adopting the pound informally and reneging on Scotland’s share of Britain’s borrowings – was ‘opportunistic’ and would saddle every taxpayer in the rest of the UK with an extra £5,900 of debt.

It warned that defaulting on its debts would make Scotland an economic pariah, because it would be seen as too untrustworthy to borrow on the international money markets.

 This would lead to an ‘unprecedented degree of austerity and the eventual collapse in the currency regime’, it predicted.

Danny Alexander, the chief secretary to the Treasury, said this scenario would see Scottish bonds – loans from international investors – downgraded to ‘junk’ status. This happens when it makes no sense for investors to lend money to a country because the risk of not getting it back is too high.

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Row breaks out over allegations that Salmond 'tried to gag' leading Scots academic who questioned independence . Daily Mail

  First Minister 'put pressure' on St Andrews principal Louise Richardson

  Source said he spent ten minutes trying to 'put words in her mouth'

  She then rejected the 'suggested statement', according to Daily Telegraph 

A spectacular row broke out last night over Alex Salmond’s alleged attempts to silence a leading Scottish academic who questioned independence.

The first minister tried to force Louise Richardson, Principal of St Andrews University, to tone down warnings about the adverse impact of a Yes vote.

A source said he spent ten minutes attempting to ‘put words in her mouth’

Leaked emails revealed how the SNP leader’s special adviser, Geoff Aberdein, urged Professor Richardson to attack the Westminster government over funding for higher education, the Daily Telegraph said.

He reportedly emailed her press secretary with a suggested statement, reading: ‘The Scottish Government has risen to the challenge on fees in stark contrast to the government south of the border and I’m sure they can rise to the challenge on research funding as well.’

But in a reply, Professor Richardson wrote: ‘I’m sorry but I’m afraid I cannot agree to this statement.’

It is also claimed the First Minister called Professor Richardson, the first female principal of the 600-year-old institution, and told her to rectify remarks she made about the consequences of Scotland leaving the UK.

Read more here: 

Allan Massie: The UK’s value is immense, The Scotsman

by ALLAN MASSIE

In any democracy, many people endure a government they didn’t vote for. There is still time to think, writes Allan Massie

I can understand why many will vote Yes. I can’t fathom the thinking of those who say: “Let’s give independence a try.” This is like saying, “Let’s try suicide”. If you bring it off, there’s no way back.

Independence is not an experiment we can abandon if we decide it isn’t working. It’s not like resigning from a club because you’ve fallen out with the committee and then re-applying for membership a few years later.

I’m lucky. I’ve never had any difficulty deciding how to vote tomorrow. I’m a Unionist, always have been. Of course, like almost every Scot, I’ve had my nationalist moments, sometimes sparked by momentary indignation when I’ve muttered “Bloody English”, other times patriotically proud or boastful when I think that no small nation except, one admits, the Jews and the Ancient Greeks, has given more of value to the world than the Scots.

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The Seriously Nasty Party: With one day to go, damning evidence of the bullying intimidation of voters by Scots nationalists (just ask Miliband) Daily Mail

Pro-union voters have endured stone-throwing and been called traitors

Many are now said to be too scared to show their support of a No vote

Ed Miliband was forced to abandon visit to Edinburgh shopping centre

The dark side of the campaign for Scottish independence can be laid bare today.

In a string of sinister incidents, separatists have used bullying and intimidation to cow their rivals.

Pro-union voters have endured stone-throwing, been called traitors and faced threats that their houses will be torched.

Many are now said to be too scared to show their support for fear of reprisals that might follow a defeat for the nationalists in tomorrow’s vote.

Yesterday, Labour leader Ed Miliband was forced to abandon a visit to an Edinburgh shopping centre after he was surrounded by Yes supporters who jostled him and branded him a ‘****ing liar’. His minders had to step in to escort him to safety.

Further acts of intimidation have been reported by the No camp across Scotland, including:

·         Hundreds of campaign boards have been daubed with offensive graffiti or destroyed;

·         Homes with ‘No Thanks’ posters have been pelted with eggs and one householder in Edinburgh had ‘traitor’ etched into his front door;

·         Farmers have received anonymous phone calls saying their livestock will be set loose unless they take down campaign boards

·         Nationalists have bragged on Facebook about ripping down No signs and posted videos of them stamping on the posters

·         Pro-union canvassers been called ‘loyalist scum’ and ordered to hand over details of supporters so their ‘houses can be burned down’. 

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Scottish Independence Vote Triggers Mass Banknote Shift Amid Fears Of Run On ATMs

Millions of banknotes have been rushed to Scotland amid growing fears a Yes vote on Thursday could trigger a run on the country's ATMs, it has been reported.

As the future of the union hangs in the balance, Scottish businesses near the border have also purportedly been moving their money into English accounts in Cumbria.

Fearing people will run to withdraw money and put it into English banks, the cash has been moved to ensure the banks and , ATMs do not run out.

The Bank of England prints bank notes and circulates them in high-security vans to where they are needed, depending on the demand.

One source told the The Independent there had not yet a surge in withdrawals: “We have seen a big rise in customers coming in and asking us what would happen, but there is no sign of any significant flow of deposits from north to south.”

Another said: "We are, of course, monitoring the situation very closely from hour to hour.”

Rob Johnson, the chief executive of Cumbria's Chamber of Commerce, said many firms were transferring funds from banks registered in Scotland to those headquartered in England.

"We know it's happening, but we can't give names," he told The Guardian.

"It's inevitable that people would start to do this because uncertainty is something businesses can't handle … It's not about businesses being pro or against independence, it's businesses saying: 'There are some real issues here and we don't know what's happening.'"

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Alex Salmond's Independent Scotland Could Fail In A Year, Warn Experts, Huffington Post

An independent Scotland "would fail within a year" if it kept the pound informally and refused to take on its share of the national debt, according to an influential think-tank.

The National Institute for Economic and Social Research warned that such an approach would lead to "unprecedented" austerity in a newly-independent Scotland. Meanwhile, any attempt to effectively default would see Scotland get a "junk" credit rating from international investors, who would then push up borrowing premiums or bar Scotland from capital markets.

The think-tank also indicated that it either risked isolating Scotland in Europe or setting off a "domino effect" of other European nations defaulting on their debts.

The think-tank said: "If Sterlingisation is combined [with] repudiating Scotland’s fair share of UK debt, we expect this regime would fail within a year."

This comes as Mark Wilson, the head of insurance giant Aviva, warned that the cost of borrowing would "almost certainly go up to cover the increased risk of being a smaller independent country".

The three main Westminster parties have ruled out sharing the pound in a formal currency union arrangement, but pro-independence campaigners have insisted that an independent Scotland would still use it informally, which has sparked warnings that it would need to make drastic cuts or tax rises to build up sufficient currency reserves.

Meanwhile, Alex Salmond has reportedly laughed off questions of how the UK government would react if a newly independent Scotland refused to shoulder its share of the national debt, saying: “What are they going to do – invade?”

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Scottish independence: Ewan Morrison’s No switch. The Scotsman

AN award-winning Scottish author and screenwriter has defected from the Yes campaign to Better Together, blaming the nationalists’ “Trotskyist” tactics.

Ewan Morrison, who won the Scottish Book of the Year Fiction Prize in 2013 for his novel ‘Close Your Eyes’, joined the Yes camp four months ago, but recently changed his mind after being “berated for not having decided sooner or for having questioned Yes at all”.

Morrison argues on the ‘Wake Up Scotland’ blog that there is “zero debate” in the Yes camp.

The writer claims the “Yes camp had turned itself into a recruitment machine which had to silence dissent and differences between the many clashing interest groups under its banner”.

Morrison, from Caithness, writes that the one-word promise of “Yes” is comparable to the Trotskyist promise of “revolution”.

He wrote: “I noticed that whenever someone raised a pragmatic question about governance, economics or future projections for oil revenue... they were quickly silenced.”

Such questions, he said, were dealt with by comments such as: “We’ll sort that out after the referendum - this is not the place or time for those kinds of questions.”

He added: “Many people are voting Yes just to express their frustration at not being able to engage with politics as it is.

“They’re voting Yes because they want to be heard for the first time. Once the recruitment machine has served its purpose it will collapse and the repressed questions will return with a vengeance.”

He added: “After a Yes vote the fight for control of Scotland will begin.

“That unity that seemed like a dream will be shattered into the different groups who agreed to silence themselves to achieve an illusion of impossible unity.”

Why not read more here?

Home Currencies Scottish independence: The cost of breaking the union Scottish independence: The cost of breaking the union, Moneyweek

Could an independent Scotland become the next Singapore, or would a ‘Yes’ vote be an act of national self-harm? Merryn Somerset Webb investigates.

In the late 1690s, Scotland’s government granted a charter to the Company of Scotland to set sail and attempt to establish a colony on the coast of Panama.

The interesting thing about this adventure is not so much its miserable end (most people died and only one ship returned to Scotland)*, but the way in which Scots of all sorts took part in it.

The Oxford Dictionary of National Biography puts it like this: “While Williamites and Jacobites remained implacably opposed over the monarchy, they came to be united in a belief that the Company of Scotland offered the prospect of national and personal prosperity. The original joint-stock company of 1695 was now the vehicle for the Scottish colony of New Caledonia, supported by a remarkably diverse group of Scots who had set aside their many and varied differences in pursuit of national glory and personal wealth.”

They didn’t get either, of course. The wealth was lost and the union (which allowed participants to recoup their losses via a payment from England to Scotland known as ‘the equivalence’) was found.

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Independence referendum: Top economists spell out 13 ways a Yes vote will hit us in the pocket, Daily Record

Sep 15, 2014 08:25 By Torcuil Crichton

THIRTEEN experts have written a joint letter to the Daily Record explaining exactly why they fear Scotland will not be richer or fairer after a vote for independence.

A BAKER’S dozen of top economists have listed 13 reasons why the people of Scotland will be worse off if there is a Yes vote.

Academics from universities across the country joined forces to spell out why they believe

independence would be a “big mistake”.

The 13 experts include the heads of economics at Edinburgh and Glasgow universities.

They warn a Yes vote would require more austerity and harsher cuts than those planned by the Westminster government – a threat that would see the poor bear the brunt.

In a joint letter issued to the Daily Record, the economists say: “Our main contention is that Scotland is unlikely to be richer and fairer if there is a Yes vote in the referendum.

“The irony is that within the Union, Scotland has a higher level of income per person than the UK.”

The academics add: “When we add up these 13 reasons not to vote for independence, we are extremely concerned that to do otherwise would be to gamble with the economic prospects of the present generation.

“As experienced and respected economists, we would urge you to vote No on September 18.”

Get all the latest independence referendum news right here.

The warning came after a leading think-tank claimed Alex Salmond has severely underestimated the economic risks of independence.

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