I find it incredible that Im having to make this post but I cant sit back and let the yes voters continue to beat the drum for independence whilst the consequences of a yes vote will be so damaging on our country. Please for god sake think with your head and not your heart, we are all proud to be Scots but dont let that cloud your judgement and leave us regretting it for the rest of our lives. I strongly recommend that you read the article written by David Smith on page 4 of the Sunday Times.David is the economics editor, a very astute, economist that provides an impartial, objective view on the ramifications of a yes vote and believe me its not pretty. On the off chance you dont get a chance to read it I have taken a few snippets from article; Independence would usher in a new era of tax rises and turmoil Scotland will be worse off in the short term, medium term and long term if it votes for independence Yes vote will be followed by turbulence....there will be a strong incentive to sell scottish based assets and withdraw money from scottish banks Serious short term pain in the period of uncertainty about Scotlands currency and EU membership, the financial panics could be hard to contain a yes vote could be followed by recession in scotland North sea oil production of 830,000 barrels a day equates to only 28 percent of peak production in 1999, development costs have risen 5 fold over the past decade, oil is ceasing to be a significant revenue raiser for scotland The trouble for Scotland is that its public finances can only add up if it has significant oil revenues Scotlands public spending is high and rising, the pressure for higher spending will intensify with the ageing population Even when oil production was at its peak Scotland has run a bigger deficit than the rest of the uk, its position can only get worse as oil revenues continue to decline Scotland would start independent life on the shakiest of financial footings Every independent assessment of Scotlands fiscal position points to the need for bigger spending cuts than the uk governments austerity programme and the need for tax rises The Institiute of Financial Studies suggests that in the event of a yes vote that over the medium term tax increases equivalent to 10 points on the basic rate of income tax and an 8 point hike in the main rate of VAT would be required The scottish governments response to its fiscal problems is to pretend it does not exist Politicians say a lot of things before votes. When fiscal reality hits home things will look very different Indpendence is likely to result in a loss of big tax paying firms Much of Scotlands financial services industry will migrate to London, with the loss of high paying jobs and tax revenues What scotland may gain in a few entrepreneurs it will more than lose in the departure of large businesses If Edinburgh carries out its threat not to take on its share of the UK public debt it will be a pariah in the financial markets and with the rest of the UK A country that walks away from its debts can do so again and deserves to be condemned In the last 5 years alone scotland has run up debts of 88 billion pounds, significantly more than has been generated by the geographic oil revenues of only 55 billion pounds if they were backdated for Scotland over the same period Salmonds insistence that the rest of the UK would want to be in a currency zone with Scotland because the two form an optimal currency area is either ignorance or a deliberate attempt to mislead. Scotlands lack of currency preparation is shocking The Scottish first ministers throwaway insistence that all currency options are open to scotland does not deserve to be taken seriously. As it stands the only option on the table is the worst of all worlds, use of the pound without any influence on it, accompanied by reneging on past debts. There would be no lender of last resort for what remained of the scottish banking sector. That is the policy of a banana republic not a proud nation There is absolutely no economic case for independence now Please god see sense and vote No!
Posted on: Sun, 07 Sep 2014 13:14:42 +0000
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