Another day on the streets of Dundee campaigning for independence speaking to the people of this great City and the overwhelming feeling we are getting is that the people of Dundee are firmly behind independence. The financial markets are ,it would seem of a like mind as the value of the pound dropped on the latest poll from UGov which showed a strong surge in support for independence . The reason I believe for this, is the illogical position of the Tory Labour and lib Dem coalition to refuse fiscal Union, as this together with the Scottish Governments position of subsequently refusing to take any voluntary share of the UKs 1.5 billion pound debt . A debt that the UK treasury have already agreed is the sole responsibility of the UK ,would I feel cause chaos in the markets as the realisation that the rump UK could not afford the debt without 10%of their income and loss of assets and the underpinning of the debt by Scotlands oil, the subsequent drop in the UKs credit rating together with the increase in interest rates on the 1.5 billion pounds of debt would ensue. This would do neither country any good ,as Scotland would be lumbered with a trading partner with a serious structural deficit. I honestly feel that in order to stop this nonsense and keep the pound stable, the Scottish government ( being the negotiating medium in the event of a yes vote ) should issue an ultimatum on this basis. The UK anti independence coalition have 7 days to agree on sensible negotiations to implement fiscal union in the event of independence. Otherwise the offer of an independent Scotland taking a voluntary share of the UK national debt ,IS OFF THE TABLE This would focus both the money markets ,who would tell the government to get a grip and the government themselves who would be forced to get a grip. The money markets are beginning to make their feelings plain and it is in the weakness of the UK governments silly no fiscal union position. This is our road to independence this is our journey Bob Costellos photo. Bob Costellos photo.
Posted on: Wed, 03 Sep 2014 08:18:32 +0000
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