Independence risks trump potential benefits

“It’s the economy, stupid” was a key message in Bill Clinton’s successful 1992 US presidential campaign. the week in which the GERS figures will be published, your editorial comment astutely points out that the key point is whether the economic upheaval of breaking away from the rest of the UK would be worth the risk (22 August).

I am not ideologically wedded to the Union and acknowledge many of the faults that nationalists highlight. But the SNP and other proponents of independence fail to promote any coherent economic plan and, having looked carefully at the economic issues, I judge the risks associated with independence massively outweigh any potential benefits. I suspect many people are of the same opinion.

Telling those of us who are concerned about potential economic upheaval that we are part of “Project Fear” or “talking Scotland down” avoids addressing the concerns. Equally, pointing to other countries with widely differing economies, taxation and public spending arrangements does not provide answers. Neither does highlighting Scotland’s abundant natural resources since revenues from these are already taxed.

To address the fiscal deficit, what tangible steps would an independent Scotland take to attract inward investment and growth? What changes in taxation are proposed? Will there be reductions in public expenditure and, if so, by how much and from which budget lines?

Overlying all this is the question of currency. Adopting Sterling leaves the Bank of England rather than the Scottish Government with control over primary economic “levers”. Is this acceptable? If Scotland is to launch its own currency, how and at what cost will it be pegged to sterling?

To answer these questions in a clear and authoritative manner might build a majority in favour of independence. Denial of the facts and unsubstantiated rhetoric will not. GEORGE RENNIE

Inverness