Having taken part in discussion on Scotonomics last night on yesterday's GERS release it is clear that there are still big questions in people's minds in Scotland over debt, and whether Scotland could afford to be independent. These are questions I have addressed before. These are a couple of videos on this theme:
This one on a Scottish currency might be relevant as well:
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Scotland cannot afford not to be Independent. Westminster have, so far, racked up over £2 Trillion in debt and growing with no plans to reduce this figure.
There is always one side of the equation which is conveniently forgotten about. Scotland is an Equal partner in the Union. Any assets accrued by the Union since 1707 is 50% Scottish under International Law. This of course will never happen because it would make England bankrupt. But Scotland will be in a strong position to negotiate when it breaks up the Union.
Likewise, any debt accrued by the Union since 1707 is 50% Scotland’s.
Candidly, I put no weight on this argument
The real argument is who incurred the debt?
It was not Scotland
And in international law that is what matters
No, that is not how it works in international law. The most comprehensive, thorough, officially sponsored (but independent) legal analysis, was Annexe A to ‘Referendum on the Independence of Scotland – International Law Aspects’ (2012) by Professors Crawford & Boyle. The issues are complex, but it matters who is the ‘continuator’ state, or whether there is dissolution of the state, or who acquires control of the currency, or (in the UK case, oddly for an incorporating union), a secession, or if there is a new currency, to say nothing of international legal precedents established in international law from the dissolution of other states, or the actual nature of the negotiations between the separating states themselves: so, no it is really nothing like that. I suggest you read the Opinion, because most discussion I read or hear on this matter is, frankly grossly ill informed.
Candidly, the assets of the UK are equally owned by Scotland. Anything built and owned by the UK since 1707 is equally owned by Scotland.
If you care to take a look around the assets run in £Trillions.
As i have said – that is not an argument that holds any real water, IMO
Yes because apparently you are only interested in one part of the equation. Rather than a whole picture simply because it interrupts your unbalanced view. Sorry to interrupt you.
You can be rude
You can also be banned
You are now
Hi Richard,
Please don’t ban the members of the unionist flat earth society, let their opinions be heard, every time they open their mouth it’s another ten votes for indy.
Income, outgoings, liabilities and assets are the full financial picture. Or are you suggesting the UK has no assets? Or that Scotland has no right to the UK assets?
I am saying that will not be the legal basis for agreeing a split
Watch the videos, I suggest