Every year for 32 years (the entire available data) GERS includes a deduction from Scotland’s block grant equivalent to Scotland’s population percentage share of Westminster debt.
Over the 32 years, Scotland’s share of UK debt interest amounted to £64.1 billion.
However, during that time had Scotland been an independent country with its geographic share of oil revenues established under international law (as would be the case under independence) Scotland’s borrowing over 32 years would have been zero, nil, nothing, no pounds sterling at all.
Put another way, Scotland paid £64.1 billion (sixty-four thousand one hundred million pounds) interest on debt that Scotland had no need for, simply because we are not an independent country! As a result, on average, £2,000 million was ripped out of the heart of Scotland’s economy every year for 32 years, to pay interest on loans that Scotland didn’t take out and didn’t need.
How on earth does that make us better together?
SNP policies save -
£250 pa for the bus pass for over 60s
£233 pa for tolls on the Forth
£104 pa for free prescriptions for people with long-term conditions, compared to England
£9000 pa for tuition fees compared to England
The increase in childcare to 600 hours will save the equivalent of over £700 per child per year
An independent Scotland should use North Sea oil and gas revenue to set up a short-term stabilization fund and a long-term wealth fund, according to the Scottish government’s economic advisers.
A future government may be able to start making “modest investments” into an oil savings fund by 2017-2018 or toward the end of the decade assuming public-sector debt was decreasing, the Fiscal Commission Working Group, which includes Nobel Prize winning economists Joseph Stiglitz and James Mirrlees, said in a report published today.
Independence is the flagship policy of the Scottish National Party that runs the semi-autonomous government in Edinburgh, and First Minister Alex Salmond has said he wants to establish an oil fund similar to Norway. The SNP plans to hold a referendum on independence in September 2014, with British Prime Minister David Cameron and the opposition Labour Party both campaigning for a “No” vote to keep the U.K. intact.
Labour MP Ian Davidson, Chairman of the House of Commons Select Committee on Scottish Affairs, is quoted as having said recently: “Once we get our no vote in 2014, we’ll rip so many powers from those neonatz that they might as well meet once a month above a pub, for all they’ll have left to talk about.”
So, now we have it straight from the horse’s mouth, and people of Scotland know that they need to vote yes if they wish to keep free prescriptions, free higher education, free eye tests, free health care, etc.