Monday, 26 August 2013

Wings Over Scotland - The Bank's Holiday

A while ago I did some delving, being more interested in the lies spun by the No Campaign to do with the UK's actual legal constitutional basis, and came across the interesting fact that when Eire, Canada, South Africa, New Zealand and Australia achieved 'Dominion Status' in 1937, which is independence / Full Fiscal Autonomy in all but a few minor respects, they were required by the 1937 Act to take on a proportional share of the British Empire's debt and repay it.

The first thing each of these Dominions did on gaining 'independence' was to tell the British Empire Treasury and Bank of England where they could stick their 'debt' repayments as they would not be getting a cent.

Now having run my own business the basic figures in the relationship between the British Empire Treasury and Scotland shows at no time since the mid 50's has Scotland done anything less than pay its own way. The figures indicate that since the early 60's Scotland has been in a position of continuous surplus in its relationship with the British Empire Treasury.

Since Holyrood started up the Scots have had to balance the books given the 'pocket money' they receive, a sum that has been shown time and time again to be less than Scotland's contributions, made worse by the reality only a small amount of Scotland's pocket money ever leaves Westminster, given the high level of deductions for UK 'benefits' we never see.

While I see the point of a proportional share of the bank bail out, in line with international responsibilities for banking (even though we were powerless to regulate said banks) I have a big problem accepting we have any responsibility for the massive public structural debt run up to save Westminster Government and politician's skins as a result of their own failures of financial regulation, oversight and their continued pursuit of the discredited economic creed of neo-liberal austerity.

Scotland entered the Union in 1706 with no Government debt and a fiscal surplus. The Union caused the collapse of a rapidly growing Scottish economy, courtesy of England's war with France removing trading partners under French control. A blight the Scottish economy did not see any recovery from until the mid 1780's, has never seen the equivalent economic growth at any point since then and yet has for the last 6 decades, if not longer, has paid its own way.

This being the case just why does an independent Scotland have to take on any of the share of a structural debt run up by the Bank of England and the City of London through the Ponzi scam of 'selling UK Government debt' over the last six years?

See Wings Over Scotland : The Bank's Holiday

1 comment:

  1. Peter, don't know if you noticed but someone was posting on WOS as Mad Jock Mac Jock yesterday and alluding to 'his own blog'.