Monday, 29 August 2016

An Unwanted Record

A standard device for politicians who are asked an embarrassing question is to answer a different one. So when Nicola Sturgeon was asked about the GERS report showing the Scottish fiscal deficit was £14.8 billion or about 9.5% of GDP, larger even than Greece, she replied that the real threat to the Scottish economy was Brexit.

Aye, as they say, that'll be right. Scotland does about 15% of its trade with the EU and about 70% with the rest of the UK. We are happy to contemplate pulling out of the UK and really upset about pulling out of the EU?

As I pointed out at the time, the so-called White Paper Scotland's Future, despite predicting an absurdly high oil price, already predicted a fiscal deficit of £4.6 billion.

Take away the alleged bonus of oil revenues and we now need bailing out to the tune of well over £3,000 per adult per year. Fortunately as part of the UK we don't have to try borrowing that.

Meanwhile the Scottish Government embarks on another round of trying to persuade the voters that independence makes economic sense.

Yes. Quite. And whilst all this is going on, who's minding the store?