THIS IS A clear warning that the No side were not bluffing about the economic consequences. Squalls in England will be Force 10 in Scotland. In a most dangerous world, the break up of the UK seems extraordinary to global investors and governments. There is undoubtedly an economic and security price for this and it will be felt very acutely in Scotland.
Normura have indeed told clients to sell the UK. We have seen sterling fall from 1.71 to 1.61 over the last week, UK 10 year gilts move out from 2% to 2.52% – a massive move. Shares in Scottish companies RBS, Scottish power, Lloyds (HBOS), Babcock, Standard Life all off 3-6%.
Scotland is dancing to a seductive pied piper called Alex Salmond, who has beguiled the electorate to forget the economic reality. He says Scotland will get Sterling, it will join the EU on the same terms as the UK and may renege on debt while getting all the oil. This is delusional. He is taking a massive economic gamble with our future. If you get divorced, you don’t get the inheritance. There is no bluff on currency.
Salmond’s genius is to avoid difficult questions and move the goal posts. Scotland gains from being part of a much more diversified country, the fifth biggest on earth. Scotland alone is dependent on oil, financial services and public spending. Oil is volatile and declining, financial services is at most risk of walking down south and the public sector depends on taxes which aren’t stable.
Polls have shown many voters seem blind to economics. The answer now is love. We need to tell them why Scotland benefits from being both Scottish and British. Reality is in this most uncertain world Scotland benefits from being British. It has it’s own distinct culture, law and control on spending but also benefits from being part of UK in terms of economy and security as well as being outward looking. The various No campaigns must stay united as Salmond will try and divide and rule. Keep it positive and disarm Salmond’s extraordinary brass neck and frankly lies.
To watch a video of Ewen Stewart’s MSP briefing at Holyrood, please click on this link: https://www.youtube.com/watch?v=KjVgkPxkJL8
To watch Ewen Stewart’s video on taxation and public spending, please click here: http://scottishresearchsociety.com/ewen-stewart-public-spending-taxation/
To watch Ewen Stewart’s video on how much independence would cost, please click here: http://scottishresearchsociety.com/ewen-stewart-enough-money-pot-scottish-independence/