One by one the Better Togethers dominoes are falling, soon the whole lot of them will be in one scattered heap littering the floor. All the scare stories which they keep regurgitating are being trashed, and shown to be exactly what they are….Scare stories!
Border posts, currency, Europe, share of debt….Each one is getting dismantled, and they are now eventually being forced to admit that they will have to the rest of the negotiate, unless they want the rest of the UK going straight down the plughole.
Reality is beginning to set in, and they have no option but to recognise the truth of matters, even if they don’t like it.
That doesn’t mean to say that they will stop all their scare stories, they will continue trying to frighten the Scots right up to when the last vote has been cast in the referendum. But the fact is, and they know it….Their Empire has no clothes.
Yesterdays announcement by the UK treasury that it would honour all the UKs debts up to and including the Scottish referendum was effectively forced upon them by the Worlds financial markets. They had been put under sever pressure by investors to clarify their position, and they had no way of dodging the truth, not unless they wanted their downgraded AA credit rating to drop to the level of being a bad risk.
As such they guaranteed that they would honour ALL the Uks debts should Scotland become independent. This is only right, as it is the UK government who have issued all these bonds, and who have accumulated all that debt. Currently the UK debt is standing at close to 1.4 Trillion pounds and increasing by 2.5 Billion pounds a week.
What put all these major investors in a complete spin and forced the UK treasury to answer was that the Scottish government had said that in order for an Independent Scotland to assume a share of this collosal debt, then Scotland would have to have a correct proportion of UK assets, In effect…No share of assets is equal to no share of debt! So the nonsense about scotland being refused to share the pound by the rUK is exactly that, unless the rUK wanted Scotland swanning off completely debt free.
As things stand, Scotland is willing to run with our own considerable assets and negotiate our correct share of the UKs assets in return for paying around 10% of the UKs debt. This is only fair and appropriate.
But lets have a closer look at that UK debt.
Using the UK governments own published figures, the UK currently has 1.39 Trillion pounds worth of debt…. That is in other words 1398 Billion pounds, or £1398000,000,000,000.
It is a whopping figure which currently stands at 81% of the UKs GDP.
Back in 2006 the UK owed 0.4 Trillion
A year after the 2008 crash in 2009 it still was only 0.6 Trillion,and that was after guaranteeing the UKs share of bailing out the banks.
By the end of Gordon Browns Labour government tenure, it was 0.75 Trillion
But by next year it will have risen to over triple the amount it was at 2008’s banking crash, in excess of 1.5 Trillion pounds.
So if you really want to know why all this Austerity is? It is quite simple…Both the Tories and Labour have said that austerity measures will remain in place until after 2020, because quite simply….They have both committed to hiking the debt up!!
The vast majority of the people in the UK are suffering and paying because Westminster continues to pile on debt! and they are doing this deliberately, not because they need to, but because they are social engineering! It is quite deliberate!
So if you want to know why the unemployed, the homeless, the disabled are suffering? Its because Westminster want it that way, and will continue on as they are.
They talk of bringing the debt down, while in effect they are doing the complete opposite, they are increasing the debt dramatically. Somebody has to pay for all that debt…and guess who that is? YOU!!
Hence the attack on the Welfare state, hence the attack on the NHS in england and Wales, hence all the privatisation, and the sell off of state assets like the Royal Mail…They are divesting the UK of OUR assets, and increasing the imbalance between what we own and what we owe.
As for Scotlands share of these ever increasing debts, it stands around 139 Billion currently, but only if we get our share of the UK assets, should we not..then it is £0
Of course the fact is, and it has been made clear by the treasury announcement that they will negotiate, they have no other choice! We will easily cope with our small share of these debts, because our GDP is currently just slightly less than the UKs GDP, add our geographical share of oil and gas into the equation and we streak ahead.
In short…. Scotland is well positioned to be a fairer more equal society than the UK currently is, and with the UKs projected debt expected to keep growing as they borrow more, we can expect a different road in our walk to Independence.
UK public spending figures
UK public spending
BBC Comparison Chart
Uk Treasury announcement
UK Treasury document