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SNP tables amendment to Scotland Bill calling for full fiscal autonomy

SNP tables amendment to Scotland Bill calling for full fiscal autonomy | Economy | Scoop.it
THE SNP has tabled an amendment to the Scotland Bill to secure full fiscal autonomy for Scotland, party sources have confirmed.

Via Peter A Bell
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Peter A Bell's curator insight, June 11, 2015 8:17 AM

The unionists are all over the place on the issue of full fiscal autonomy (FFA). According to accidental governor general, David Mundell, the SNP both want FFA and don't really want FFA. It foolish to want FFA. And just as foolish not to want it. An imagined SNP rejection of FFA is idiocy. Unionist rejection of FFA is the height of fiscal prudence. It's like language ceases to have any meaning when unionists talk about the SNP. All rules of logic and rationality are abandoned. Debate is reduced to a stream of snide non sequiturs and senseless suppositions.


The words "black hole" are repeated <i>ad nauseam</i> for no better reason than that they sound somewhat scarier than a more accurate description of that IFS figure of £7.6bn, which would be "imagined deficit". An imagined deficit, moreover, which relies on the spectacularly illogical assumption that the Scottish Government would have all the powers associated with FFA but do absolutely nothing with them. Uniquely in the case of Scotland, the IFS totally discounts the effect of policy on the economy.


This figure of £7.6bn is also thrown around without any context. The impression given - quite intentionally - is that Scotland would be thrown off a plateau of economic stability and security into an economic abyss £7.6bn deep. The figure isn't related to anything for purposes of comparison. The reality is that the UK is borrowing around £90bn a year to fill its own fiscal "black hole". Scotland's population-based share of that borrowing is approximate... wait for it... £7.6bn!


That is the share of UK borrowing which is currently being serviced by tax revenues raised in Scotland. Why is this never pointed out?


The only significant difference that FFA would make is that it would give the Scottish Government the powers is needs to address that borrowing by growing the economy rather than by penalising the most vulnerable in society. It would allow the Scottish Government to implement the kind of policies that the IFS model completely ignores.


Of course, the move to FFA will take time. It is far more complex than independence because it involves economic autonomy without political autonomy. There are rational arguments against FFA, but they are constitutional arguments. Just as they did during the referendum campaign, unionists resort to contrived and often dishonest economic scaremongering in order to avoid the constitutional arguments. They don't want to argue against FFA on constitutional grounds for the simple reason that this would necessarily involve acknowledging that full independence makes much more sense.

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There are many convincing arguments in favour of a Citizen’s Income

There are many convincing arguments in favour of a Citizen’s Income | Economy | Scoop.it
Malcolm Torry discusses a new book that argues for a Universal Basic Income, or as it is termed here, a Citizen's Income. He discusses the different approaches the book uses in arguing for the poli...
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Switzerland’s Proposal to Pay People for Being Alive

Switzerland’s Proposal to Pay People for Being Alive | Economy | Scoop.it
The simplest welfare program imaginable: an income for everyone, no strings attached.
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"Externalities"

Visit http://sustainableman.org to explore the world of sustainability. Visit http://www.davidsuzuki.org/ to learn more about David Suzuki and his foundation David…
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Money for Nothing: Switzerland Eyes a Basic Income Guarantee - DailyFinance

Money for Nothing: Switzerland Eyes a Basic Income Guarantee - DailyFinance | Economy | Scoop.it
The Basic Income Guarantee is a plan to eliminate poverty by giving every adult enough money to live on, no strings attached. Crazy? Maybe. But Switzerland is considering it.
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Bitcoin Survival Guide: Everything You Need to Know About the Future of Money | Wired Enterprise | Wired.com

Bitcoin Survival Guide: Everything You Need to Know About the Future of Money | Wired Enterprise | Wired.com | Economy | Scoop.it
Bitcoin is a digital currency, meaning it's money controlled and stored entirely by computers spread across the internet, and this money is finding its way to more and more people and businesses around the world.
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