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Monday, 9 May 2011

Afore ye go

If we could have a word, Mr Salmond. A small matter of the bill, or to be more precise, the National Debt.  I believe it is customary in such arrangements for the parties to an independence agreement to share the debts incurred.  Nobody gets to walk away Scot free (if you'll excuse the pun), and as Scotland represents 1/12th of the population, perhaps you would like to take on 1/12th of the debt.

Although it wouldn't be fair on the lenders to hand over responsibility to Scotland for 1/12th of the currently outstanding gilts.  The gilt holders expect the full faith and credit of the UK Treasury, not some standalone entity that hasn't functioned independently since the 18th century and with no revenue authority to speak of at present.  The only equitable solution would be for the Scottish executive to raise around £60 billion against its own credit to buy out £60 billion of gilts, which we will cancel.

When you have the cash, perhaps we can sit down and have a chat about where we go from there.

3 comments:

Parking Mad said...

As a Scot, I quite agree that all debts should be paid. Now as this debt is also related to the assets acquired by incurring the debt, may we have 1/12th of the assets.

For example, we'd quite like a few of those polaris nukes and a few of the jets that are being pensioned off. Just so we can keep an eye on the neighbours.

Alex said...

Assets? You get to keep the M74 as far as the toll booth just south of Gretna.

ICBMs and other big boy's toys are reserved for permanent members of the UN Security Council. If you would like to rent a nuclear umbrella I am sure we could come up with a suitable price.

Odin's Raven said...

They should also refund all the extra 'social' expenditure given by stitch-ups like the Barnett formula, and all the welfare bribes to Labour voting layabouts. There was an estimate that the English have been paying tribute of about £23 billion p.a. to Scotland. Members of The Scottish Raj, such as Cameron, Campbell, Brillo, Wark etc should be deported to Scotland. Salmond may want to put them to work in a labour camp in the new workers paradise. Perhaps the Germans and French will be willing to subsidise the Scots - perhaps not.