Referendum 2014
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Referendum 2014
The Scottish independence referendum and the debate about Scotland's constitutional future
Curated by Peter A Bell
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Treasury Chief confirms the debt is the UK's | Scottish National Party

Treasury Chief confirms the debt is the UK's | Scottish National Party | Referendum 2014 | Scoop.it

SNP MP Stewart Hosie today welcomed the confirmation from Sir Nick MacPherson the Permanent Secretary to the Treasury, that the UK Government stands by it’s earlier position that the UK Government is legally responsible for all the UK’s debts.

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Swinney steps up Treasury criticism

Swinney steps up Treasury criticism | Referendum 2014 | Scoop.it

Scottish Finance Secretary John Swinney has stepped up his criticism of the UK Treasury's top civil servant for entering the debate over independence.

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More expensive financial products could be unwanted side-effect of independence

More expensive financial products could be unwanted side-effect of independence | Referendum 2014 | Scoop.it
RECORD VIEW ponders the report put forward by the UK Treasury that mortgages, insurance and bank accounts could all be more expensive after independence.
Peter A Bell's insight:

Hardly a day goes by without the British nationalist press gloatingly informing us that the independence campaign has suffered "devastating damage". Curious, then, that both the SNP and Yes Scotland are so obviously undamaged and far from devastated.

The reality, of course, is that the Treasury paper, hastily cobbled together when the original scares about credit ratings were overtaken by events, was thoroughly and comprehensively debunked even before the ink had time to dry.

Jim Spowart, one of the leading figures in the Scottish financial sector, described it as not being "a credible analysis of how financial organisations work". He said:

"The Treasury paper is not an accurate reflection of Scotland's financial services industry now, or of how financial regulation would work for an independent Scotland in a sterling area. It is clearly not a credible analysis of how financial organisations work."

And Mr Spowart is not alone. Business people and financial experts have been queueing up to savage what is obviously no more than blatant political propaganda. But we won't hear much about that from the Daily Record or the rest of the unionist press. The reason being that they have their fingers in their ears desperately trying to ignore voices such as Jim Spowarts.

If The Daily Record was genuinely interested in "answers", it would require no more than a couple of mouse clicks to find them. It is for them to explain why they are so reluctant to do so.

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Bank of England speech undermines Treasury paper | Scottish National Party

Bank of England speech undermines Treasury paper | Scottish National Party | Referendum 2014 | Scoop.it

In a speech today at an international conference, Paul Tucker, the Bank of England’s Deputy Governor for Financial Stability, outlines the virtues of cross-border co-operation in financial regulation - and in doing so shatters Scottish Secretary Michael Moore’s Treasury paper which scaremongers on financial regulation in an independent Scotland.

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Cake neither had nor eaten

Cake neither had nor eaten | Referendum 2014 | Scoop.it

This week’s Scotland on Sunday is full of the usual outpourings of fear and madness (our absolute favourite is a standout piece of howling-at-the-moon insanity from frothing Tory loonbag Gerald Warner, magnificently entitled “Feminism driving holocaust of abortion”), but one in particular caught our eye.

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Brilliant powerhouse or basket case? Opposing camps clash over finances of an independent Scotland

The opposing camps in the battle over Scottish independence will next week put forward conflicting visions of Scotland's economic future.

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SNP attacks Coalition paper on economic case for Union

A forthcoming analysis paper from the Coalition has been undermined even before it has been published, the SNP has claimed, after a leaked draft showed it had planned to use the UK's coveted triple-A status as a key argument against Scottish independence.

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Leaked paper undermines Treasury scaremongering | Scottish National Party

Leaked paper undermines Treasury scaremongering | Scottish National Party | Referendum 2014 | Scoop.it

The UK Treasury’s forthcoming paper on the impact of Independence on mortgages has been dealt a significant blow today as the SNP revealed a leaked copy of a working draft planned to use the UK’s triple A status as a key argument.

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SNP hits out as Treasury fails to reveal UK assets

THE UK government has said that it will not publish a new National Asset Register of everything it owns, leading to claims that the document has been cancelled to prevent the SNP government from using it as a basis for forming a negotiating...
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Vincent McDee's comment, March 14, 2013 2:17 PM
Pettiness is the scourge of mankind and the quality of having a narrow-minded, mean, or small-natured disposition or character.
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Chaos engulfing No camp | Scottish National Party

Chaos engulfing No camp | Scottish National Party | Referendum 2014 | Scoop.it

Chaos threatened to engulf the No Campaign today as the Foreign and Commonwealth Office became the latest arm of the Westminster Government to admit its own anti-independence case was based on false assertions.

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What do Westminster have to hide on Treasury post? | Scottish National Party

What do Westminster have to hide on Treasury post? | Scottish National Party | Referendum 2014 | Scoop.it

The SNP has questioned what the Treasury have to hide after UK Chief Secretary Danny Alexander refused to answer parliamentary questions on the creation of a £50,600 a year anti-independence post.

 

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Jim and Margaret Cuthbert: Why there is no such thing as a Union Dividend

However, the problems with the Treasury’s approach go much deeper than these technical flaws. Its failure to model the way the Scottish government is funded under the union, allied to its failure t...

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Fiscal Commission 'disappointed' by UK Gov | Scottish National Party

Fiscal Commission 'disappointed' by UK Gov | Scottish National Party | Referendum 2014 | Scoop.it

SNP Treasury spokesman Stewart Hosie has called on the Treasury to respond properly to the Fiscal Commission Working Group after the leading economists, including two Nobel Prize winners, expressed their disappointment that the UK Government had ignored their work despite it offering answers to the Treasury’s questions.

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Treasury paper not an accurate reflection of Scotland's financial services

Treasury paper not an accurate reflection of Scotland's financial services | Referendum 2014 | Scoop.it

The UK government's paper on financial services has been described by Jim Spowart, one of the leading figures in the Scottish financial sector, as not being “a credible analysis of how financial organisations work”. Mr Spowart's direct experience in the financial sector includes being former managing director of Direct Line Financial Services and founder of Intelligent Finance (IF).  He said:

Peter A Bell's insight:

A thorough and comprehensive debunking of the latest UK government scare story. Yet Better Together will still insist that Yes Scotland has "no answers".

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Peter A Bell's curator insight, May 20, 2013 8:43 AM

A thorough and comprehensive debunking of the latest UK government scare story. Yet Better Together will still insist that Yes Scotland has "no answers".

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No campaign 'shambles' over Treasury paper | Scottish National Party

No campaign 'shambles' over Treasury paper | Scottish National Party | Referendum 2014 | Scoop.it

The No campaign has found itself in a shambles as the UK Government’s anti-independence paper is discredited before it has even been published.

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Independent Scotland at risk from bank crash

Independent Scotland at risk from bank crash | Referendum 2014 | Scoop.it
AN independent Scotland would be more reliant on the banking sector than ­Cyprus or Iceland, making it vulnerable to a new financial crisis, a UK Treasury paper will warn this week.
Peter A Bell's insight:

More frantic scaremongering by the British state dutifully regurgitated by the unionist media. As their desperation grows so does their confusion. Those of us not afflicted by British nationalist fanaticism will be wondering, for example, how Scotland can be simultaneously threatened by banks collapsing and by them quitting the country. Both these things can't be true.

Taxpayers are not liable for the costs of rescuing banks. They only become liable if governments choose to impose that burden upon them. It is difficult enough to justify the UK government's bank bail-out. It is simply nonsense to suggest that the government of an independent Scotland would be obliged to do exactly as the UK government did. And utter madness to suggest that a Scottish government would offer a UK-style bail-out to banks that had moved their operations out of Scotland.

And what about all those assurances that measures are now in place to ensure that a 2008-style meltdown could never happen again? The Treasury appears to be telling us that these assurances are worthless. At the same time insisting that we should continue to entrust our economic affairs to those who allowed the crash to happen in the first place and, if the Treasury is to be believed, those who have now failed to learn any lessons from earlier failures.

Then there's this claptrap about the size of the banking sector relative to GDP. This is something that has been hastily cobbled together when the original scare story about credit rating was overtaken by events. And again we see the mind-bending inconsistencies and contradictions that pervade the anti-independence arguments.

As with oil & gas, a large, strong financial sector is, we are told, a wonderful thing for the UK. But an insuperable burden for Scotland.

And if Scotland's financial sector is somehow too big, as the Treasury is suggesting, then surely all these businesses heading south after independence would resolve that situation quite nicely.

Then there's the inanity of assuming a simplistic causal connection between bank asset/GDP ratio and bank failure. As any thinking person would immediately realise, it's a lot more complicated than that. Luxembourg's banking sector relative to GDP is around three times that of Cyprus and higher than the fantasy figure that the Treasury has conjured for Scotland. Yet nobody is suggesting Luxembourg is teetering on the edge of a banking precipice.

But, of course, this kind of unionist propaganda is not intended to address the intellect. It is nothing more than malicious fear-mongering intended to bypass rational thought. Like all the daft scare stories that have gone before, this drivel will evaporate in the heat of reason.

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Scotland could become 'another Cyprus' if it becomes independent

Scotland could become 'another Cyprus' if it becomes independent | Referendum 2014 | Scoop.it
Scotland risks becoming "another Cyprus" if it becomes independent, the Treasury claims.
Peter A Bell's insight:

This is desperate stuff from the UK government. But it was probably the best the Treasury could come up with given that they were in a bit of a panic because the downgrading of the UK's credit rating put paid to the scare story they'd originally intended to feed us.

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Leaked mortgage paper undermines latest Treasury scare says SNP

A leaked UK Treasury paper obtained by the SNP threatens to undermine a forthcoming Westminster attack on Scottish independence in which it will be claimed that mortgages will cost more after a Yes vote.

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Treasury figures not to be trusted | Scottish National Party

Treasury figures not to be trusted | Scottish National Party | Referendum 2014 | Scoop.it

The Public Accounts Committee of the House of Commons has today published its report into the coalition's whole government accounting programme (WGA) into the management and reporting of public finances.

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Treasury forced to rewrite anti-independence paper | Scottish National Party

Treasury forced to rewrite anti-independence paper | Scottish National Party | Referendum 2014 | Scoop.it

Reports that the Treasury had been set to release an anti-independence paper based on the UK’s lost triple-A credit rating show that the No campaign has been left in tatters as another of their assertions has crumbled.

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Jim Arnott's curator insight, February 28, 2013 3:32 PM

The old adage "Be sure your sins will find you out" springs to mind as far as the Better Together i.e. No campaign is concerned. I am sure there will be very many more sins being found out before the 2014 Referendum.

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Minister refuses to reveal details of “anti-independence” Treasury post

Minister refuses to reveal details of “anti-independence” Treasury post | Referendum 2014 | Scoop.it
Details behind a pro-Union post advertised by the UK Treasury are being kept secret despite questions from an SNP MP.
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Embarrassment for Treasury over job description | Scottish National Party

Embarrassment for Treasury over job description | Scottish National Party | Referendum 2014 | Scoop.it

A job description for the new Treasury anti-independence spin doctor states that they are not looking for somebody who can think professionally, manage resources, achieve results or appreciate people.

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