Independence – another flying pig

Michael McGeachy, in his letter published on January 3, covers (or uncovers) a great deal the governing body at Holyrood would prefer we didn’t know about.

The currency adopted by an independent Scotland is just one and it was made clear by all Westminster parties in 2014 this would not be pound sterling. Any currency would be at the mercy of speculators and, without the reserves to back it, would soon be reduced in value, hitting all of us in the pocket.

Forget about an independent Scotland joining the EU and using the euro as there is a greater possibility of me being the next Archbishop of Canterbury than of Scotland being admitted into the EU.

One of the conditions of acceptance is that the country applying has a deficit lower than three per cent of GDP.

During the run-up to the December General Election, Stewart Hosie had this put to him by a reporter and he tried to bluff his way out by saying the EU had bent the rules for other countries with a high deficit.

This is true but the EU has enough basket cases as a result and has learnt from the mistake, to the point it will not continue to make it in Scotland’s case.

The EU could also insist membership included joining the Monetary Union so that might be the currency of an independent Scotland sorted.

Take away the Barnett Formula’s contribution of about £11 billion per annum and the economy goes backwards. But there is an even greater threat to reducing the deficit - that an independent Scotland would immediately be responsible for paying its share of the national debt of the United Kingdom.

The only way Scotland could do this is by borrowing the money, and figures I saw indicated the interest alone on such a loan would be more than £1 billion per annum.

Late last year, when details of the economies were published showing those of England and Wales grew at a rate four times greater than that in Scotland, we were indebted to Alex Orr for his explanation that this imbalance resulted from a malevolent plot at Westminster, ignoring the fact control of economic development was among devolved powers granted by the Scotland Act of 1998. This, of course, is now the standard procedure of the SNP, to abdicate all responsibility for its shortcomings in office by blaming Westminster for them.

Brian Gee, Lefkara, Carradale.