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Journalist Iain Macwhirter writes that: "There was confirmation last week that an independent Scotland would not only be economically viable, but could have a highly successful and diverse economy with a healthier credit rating than the UK."

IScotland Would Be Oil Rich And Creditworthy Even Without The Banks - 2 March 2014


Iain Macwhirter

According to Macwhirter:

1. "Scotland is on the cusp of another oil boom, according to a report from Sir Ian Wood, commissioned and endorsed by the UK Government.

"It said there are still up to 24 billion barrels of recoverable oil, worth about £200 billion in additional revenue, and £1 trillion-£2trn in reserves."


St Andrews

2. "According to one of the world's biggest rating agencies, an independent Scotland might have a AAA credit rating even without taking the oil into account."

Standard and Poor's said that "losing some of the big banks might be a benefit to an independent Scotland as a top-heavy banking sector could cause trouble if one institution went bust."



3. "The truth is that Scotland has the potential to be a world-leading economy."

4. The insurance giant Standard Life "apparently briefed the press that it might take 5000 jobs out of Scotland.

"Some internal sources suggest that the number being talked of is only 50. 

"Standard Life made similar noises in the early 1990s over the prospect of Scottish devolution. You might have thought that would make it wary of crying wolf again - especially as its pre-tax profits fell last year by 13%."


 The Clyde

5. Barclays chief executive Antony Jenkins said last month that he "can make it work either way" on independence.

British Airways has also distanced itself from the debate, saying it might even benefit from an independent Scotland.


 Glasgow

6. Royal Bank of Scotland announced last week that it was preparing to leave, because of the "political risks" of independence.

"Some might think this no great loss, given that the bank had just reported losses of £8bn, while shamefully paying its bosses £500 million in bonuses.

"Let the rest of the UK take on the toxic balance sheet of the bank that almost single-handedly destroyed the UK economy and has lost more than £40bn in the last few years."



Comments from readers of the Sunday Herald include:


Dr Douglas McKenzie

"What has shocked me this week has been... the BBC's complete blanking of the Standard and Poors report which I believe to be probably the most important document in the debate so far...

Alex Holmes, Isle of Arran

"Unfortunately, voters are visually assaulted daily by the lurid, doom'n'gloom headlines of the London controlled rags in the newspaper stands."

Iain Lawson, Paisley .

"The financial position and level of debt within the UK economy is eye watering... International finance will start to study the consequences of ... the wealthy, asset rich Scotland being lost to the London borrowers."


Tony Little

"The FT considers that iScotland would start life with a sound economy, and many independent economists think that iScotland would have very little need to borrow."

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