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Will you vote for independence?

Scottish independence?

  • Yes please

    Votes: 99 56.6%

  • No thanks

    Votes: 57 32.6%

  • Dont know yet

    Votes: 17 9.7%
  • Total voters
    175
gosub said:
Yep, and they've issued quite a lot more debt since this all came out at the beginning of the year. Gilt auctions . Not only that, they have insured the debt, with lower default premiums than Germany has. For all Salmond's bluster and wanting to change the terms its been quite buoyant.
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Salmond's bluster? You are saying that you agree with him. That Scotland would not be asked to take on its proportionate share of these liabilities. None of the Unionist parties have said that, they have said Scotland is not entitled to its proportionate share of assets but will be responsible for its proportionate share of liabilities. That is not reported. You don't seem to grasp that. Do you want me to draw you a little picture?
 
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The markets have had since Jan/Feb to think about this, as it has been widely reported. I know you downplayed it a few pages back but you say a lot of things.

The money shufflers are as proactive as they are reactive and if they doubted the credibility of rUK's promise to honour ALL the debts the treasury would have been feeling the heat long before now. As it is, looks like the view was taken that its safer, less complicated and probably cheaper to not to add the Scottish Government as a named driver.

I could be wrong, on the 18th September the people of Scotland might have been handed a pencil and paper kill switch for the entire global financial system. But the UK treasury won't blink cos it can't.


oh and I find clearing my cache from reading the telegraph a bit of a pain, usually stick with the Times.

eta:And I disagree with Salmond because he says, repeatedly, that he doesn't believe rUK will let Scotland walk away debt free
 
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A couple of questions about the financial industry:

1. What is going to happen to loans immediately after a Yes vote? Given the greater lack of security, surely lenders will demand greater interest rates?

2. If an independent Scotland decides to use the Pound Sterling without a formal currency union, won't most financial services companies relocate to the rUK to be under the cover of the Bank of England? Won't that cost a huge number of jobs? At least in the short term, that is.
 
Existing loans are legal contracts with institutions, nothing will happen to them.

"Under the cover of the bank of England". What does that mean? I realise unionists find it hard to fathom, that we are not meant to bail out the country's financial services every few years or so (if we did, Britain could not afford it).
 
Salmond is making a play that a rUK lumbered with over a trillion of debt and deprived of oil revenues will bring a wolf to London's doors. And to an extent it will. But there is a bigger, badder wolf behind that one. If Osborne stands up and goes, those statements we made were just domestic politicking and we are arbitrarily altering the terms of ALL debt contracts and insurance thereof. London will fall.
 
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gosub said:
Salmond is making a play that a rUK lumbered with over a trillion of debt and deprived of oil revenues will bring a wolf to London's doors. And to an extent it will. But there is a bigger, badder wolf behind that one. If Osborne stands up and goes, those statements we made were just domestic politicking and we are arbitrarily altering the terms of ALL debt contracts and insurance thereof. London will fall.
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Are you really this stupid? Salmond has not said Scotland will renege on the debt obligations. He has said the opposite. Salmond has said that the Unionist argument on the currency implies that Scotland would not be obliged to take its share of the debt. You are suggesting that is implausible, that is precisely Alex Salmond's argument.

Look, I realise you guys don't like him, but seriously read beyond this right-wing English perspective.
 
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Quartz said:
A couple of questions about the financial industry:

1. What is going to happen to loans immediately after a Yes vote? Given the greater lack of security, surely lenders will demand greater interest rates?

2. If an independent Scotland decides to use the Pound Sterling without a formal currency union, won't most financial services companies relocate to the rUK to be under the cover of the Bank of England? Won't that cost a huge number of jobs? At least in the short term, that is.
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Been reading your books? :)

Why will there be a greater lack of security? Is there a lack of security just now?

Where exactly in England are all of these companies going to relocate to?
 
DexterTCN said:
Been reading your books? :)
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Yes. I'm still on the Yes part of the first one and very disappointed with the argument so far.

Why will there be a greater lack of security?
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Because there will be no lender of last resort.

Where exactly in England are all of these companies going to relocate to?
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That would be up to them, but there are a couple of million unemployed people gagging for jobs.
 
Quartz said:
..That would be up to them, but there are a couple of million unemployed people gagging for jobs.
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So chip shops will move? Restaurants? Corner shops? Painters and Decorators? Newspaper shops? Tyre suppliers? Car showrooms? Chicken suppliers? Florists? Chemists?

Which businesses will relocate? Name a couple.
 
DairyQueen said:
Are you really this stupid? Salmond has not said Scotland will renege on the debt obligations. He has said the opposite. Salmond has said that the Unionist argument on the currency implies that Scotland would not be obliged to take its share of the debt. You are suggesting that is implausible, that is precisely Alex Salmond's argument.

Look, I realise you guys don't like him, but seriously read beyond this right-wing English perspective.
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The UK government position is clear. There can be no currency union.
 
DairyQueen said:
I can't really see it. Really depends on the nature of the Scottish fiscal policies post-independence.
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True, if indy Scotland reduces corporate taxes then that makes a difference, but there's the matter of cross-border EU regulation of financial services. It might be advantageous for a company to be nominally based where the bulk of their customers are. There's a spoddy article about this I read months ago, I'll try and find it tomorrow if you like.

Edit: Mind you, I think there's only Standard Life and RBS left that are genuinely Scottish based, of the big ones anyway.
 
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