Financial fantasy
WHEN he was finance secretary, John Swinney revelled in the nickname ‘Honest John’ based on the thin boast that he managed to fulfil his legal obligation to hit targets set for him by civil servants.
What will his successor Derek Mackay be dubbed? Judging by his performance yesterday, it could be ‘Disingenuous Derek’ or ‘Misinformation Mackay’.
For he tried to peddle the fantasy that an independent Scotland – saddled with a £14.8billion deficit, 9.5 per cent of GDP – would not be a barrier to EU membership.
The EU regards 3 per cent as excessive and worthy of enforced austerity measures.
A country seeking accession to the EU club with a deficit as disastrous as an independent Scotland would have, and burning through its total annual revenue from oil in around ten hours – yes, that’s how far receipts have tumbled – would be laughed out the door.
Scotland, mercifully, rejected independence but we still need high-calibre politicians in these dangerous times.
Is Mr Mackay up to the task? Not on this showing.