Questions

I share Douglas Cowe’s view that Kenny Macaskill might devote a series of his regular articles in The Scotsman to the economics of and independent Scotland (Letters, 21 May).

I would like to assist Mr Macaskill in suggesting a brief list of subjects he might select to consider because of the importance of these.

What currency would an independent Scotland start using from day one? The pound, with monetary policy including interest rates being solely determined by the Bank of England to suit RUK?

Who would be Scotland’s lender of last resort?

When would a national bank and Scottish currency be established and how would it be financed?

How would Scotland be able to borrow more than £12 billion pa to cover the budget deficit or what specific reductions would the Government make to reduce the GERS deficit and annual expenditure to balance the books?

On top of that, how would the Government provide finance to cover the on-shore trade deficit of around £12bn with oil exports and revenue a distant prospect?

How would the Government finance the cost of renewable obligations should RUK

decline to allow Scotland to stay in the Grid, where renewables are currently financed 92 per cent by RUK tax payers? Scotland has a disproportionate population of wind turbines needing subsidies running into billions of pounds each year.

There are many other important issues needing clarification, but the above would provide a start to a discussion focusing on the essentials for economic survival and prosperity rather than on appeals to the heart.

JOHN PETER

Monks Road Airdrie, Lanarkshire

Douglas Cowe assumes, as many do, that should Scotland ever gain political independence it would be ruled by the SNP.

Certainly the SNP is a wellorganised party which currently enjoys widespread support and in the aftermath of independence it is likely it would be involved in government.

However, as its critics keep pointing out, its focus is on obtaining independence and with that achieved, splits over policy are likely to emerge and electoralsupportdriftawayto other parties no longer stigmatised as pro-union.

Mr Cowe also regards the SNP’S “financial record” as a major stumbling block on the road to independence.

In fact, as I understand it, the Scottish Government’s record is exemplary as it is obliged to balance its budget every year and is allowed very limited borrowing powers.

As regards the wider economy, I think most people see that as the province of Westminster in so far as it can be directed by any government, which is probably much less than is often supposed and than politicians would have us believe – especially when it is doing well.

S BECK Craigleith Drive, Edinburgh