davetenerife Posted September 13, 2014 Share Posted September 13, 2014 The UK debt currently stands at 1.4 Trillion pounds. If we go into a currency union with the rUK we would be obliged to accept approx 10% of this debt. Hypothetically speaking, if Scotland was already an independent country how would we ever have been able to amass so much debt for such a small country. We would have motorways leading to all of our major cities and a rail structure that would be up there with the best. We would not have food banks. We would not have industries threatening to leave. Where has the UKs debt come from? I do not believe that Scotland has managed to amass 10% of 1.4 trillion pounds. Quote Link to comment Share on other sites More sharing options...
Bzzzz Posted September 13, 2014 Share Posted September 13, 2014 We haven't, it's the actions of UK governments that have got us to this point... Quote Link to comment Share on other sites More sharing options...
brant grebner Posted September 13, 2014 Share Posted September 13, 2014 Gone up by about £200 million in the last 3 seconds Quote Link to comment Share on other sites More sharing options...
EddardStark Posted September 13, 2014 Share Posted September 13, 2014 (edited) The UK debt currently stands at 1.4 Trillion pounds. If we go into a currency union with the rUK we would be obliged to accept approx 10% of this debt. Hypothetically speaking, if Scotland was already an independent country how would we ever have been able to amass so much debt for such a small country. We would have motorways leading to all of our major cities and a rail structure that would be up there with the best. We would not have food banks. We would not have industries threatening to leave. Where has the UKs debt come from? I do not believe that Scotland has managed to amass 10% of 1.4 trillion pounds. http://niesr.ac.uk/publications/assets-and-liabilities-and-scottish-independence#.VBPozWOuTpw http://www.theguardian.com/politics/2014/apr/08/independent-scotland-debt-thinktank No need to worry about any debt as the SNP won't be paying it so its a bit of a red herring. Other than the brassneck and pariah status that Scotland will encounter in the eyes of the financial markets. Edited September 13, 2014 by EddardStark Quote Link to comment Share on other sites More sharing options...
brant grebner Posted September 13, 2014 Share Posted September 13, 2014 http://niesr.ac.uk/publications/assets-and-liabilities-and-scottish-independence#.VBPozWOuTpw http://www.theguardian.com/politics/2014/apr/08/independent-scotland-debt-thinktank No need to worry about any debt as the SNP won't be paying it so its a bit of a red herring. Other than the brassneck and pariah status that Scotland will encounter in the eyes of the financial markets. Aye brass neck and pariah status. ONS now adding hooker and junky income to GDP like every other debt ridden normal nation does https://archive.today/RTgrk "If it ain't broke then don't fix it" "best of both worlds" Quote Link to comment Share on other sites More sharing options...
davetenerife Posted September 13, 2014 Author Share Posted September 13, 2014 Without the revenue stream from Scotland would the rUK manage to keep up payments on this debt or would they default and cause a financial meltdown? #rUKneedus Quote Link to comment Share on other sites More sharing options...
EddardStark Posted September 13, 2014 Share Posted September 13, 2014 (edited) Without the revenue stream from Scotland would the rUK manage to keep up payments on this debt or would they default and cause a financial meltdown? #rUKneedus depends how long term you want to look at it. Oil won't last forever but rUK would have to readjust thats for sure. Hence the current Fracking for oil rush. http://www.theguardian.com/politics/reality-check/2014/sep/08/north-sea-oil-revenue-independent-scotland Edited September 13, 2014 by EddardStark Quote Link to comment Share on other sites More sharing options...
davetenerife Posted September 13, 2014 Author Share Posted September 13, 2014 depends how long term you want to look at it. Oil won't last forever. http://www.theguardian.com/politics/reality-check/2014/sep/08/north-sea-oil-revenue-independent-scotland Who mentioned oil? An independent Scotland will prosper with or without the oil.It is the rUK that needs the oil to help pay off their/our debt. Quote Link to comment Share on other sites More sharing options...
Redz Posted September 13, 2014 Share Posted September 13, 2014 http://niesr.ac.uk/publications/assets-and-liabilities-and-scottish-independence#.VBPozWOuTpw http://www.theguardian.com/politics/2014/apr/08/independent-scotland-debt-thinktank No need to worry about any debt as the SNP won't be paying it so its a bit of a red herring. Other than the brassneck and pariah status that Scotland will encounter in the eyes of the financial markets. You really are ashamed of Scotland aren't you. (Its not a question) Do you happen to work for the BBC or are you just having your own little personal competition with them? (That is a question) Ignoring the facts and saying what suits your agenda ensures a hard time for you around here Ed. It's a shame as I used to respect your ability to laugh at yourself whilst conveying an underlying understanding of the point. Quote Link to comment Share on other sites More sharing options...
EddardStark Posted September 13, 2014 Share Posted September 13, 2014 Who mentioned oil? An independent Scotland will prosper with or without the oil.It is the rUK that needs the oil to help pay off their/our debt. that is a matter of debate. The debt is being repaid by a range of measures. Not just oil revenues. Quote Link to comment Share on other sites More sharing options...
EddardStark Posted September 13, 2014 Share Posted September 13, 2014 You really are ashamed of Scotland aren't you. (Its not a question) Do you happen to work for the BBC or are you just having your own little personal competition with them? (That is a question) Ignoring the facts and saying what suits your agenda ensures a hard time for you around here Ed. It's a shame as I used to respect your ability to laugh at yourself whilst conveying an underlying understanding of the point. No I am not ashamed of Scotland mate. Other than that I dont need to say anymore to you. Quote Link to comment Share on other sites More sharing options...
Redz Posted September 13, 2014 Share Posted September 13, 2014 No I am not ashamed of Scotland mate. Other than that I dont need to say anymore to you. Correct you don't. First time in ages I've agreed with anything you've said. Like I said, it's a shame. Quote Link to comment Share on other sites More sharing options...
Wine bibber Posted September 13, 2014 Share Posted September 13, 2014 The Uk government is guarantor to all UK debt.They are legally obliged to pay all debt no matter what Scotland does.Creditors do not care who pays them what they are owed .The same goes for investors and lenders .If Scotland walks away from their part of the debt all lenders see is a clear debt history.Everything with an obligation to pay has been cleared by the UK government. Lenders will be battering down doors to invest in Scotland Quote Link to comment Share on other sites More sharing options...
Redz Posted September 13, 2014 Share Posted September 13, 2014 Share the assets and we take our share of the debt. It's not overly difficult for most, however suits perfectly for some. Quote Link to comment Share on other sites More sharing options...
Ex-Whitfield Posted September 13, 2014 Share Posted September 13, 2014 (edited) SG has already said we will service our per capita proportion of the uk debt (Salmond in one of the debates with darling) which amounts to almost 5bn p.a. *(In exchange for a cu) That's about what we pay at the moment, the unidentified spending that gets included in our block grant which we don't actually get. We actually overpay on the interest payments. https://archive.today/Fc3is *Edit Edited September 13, 2014 by Ex-Whitfield Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 13, 2014 Share Posted September 13, 2014 Without the revenue stream from Scotland would the rUK manage to keep up payments on this debt or would they default and cause a financial meltdown? #rUKneedus The debt is denominated in GBP. There is no possibility of default. Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 13, 2014 Share Posted September 13, 2014 The Uk government is guarantor to all UK debt.They are legally obliged to pay all debt no matter what Scotland does.Creditors do not care who pays them what they are owed .The same goes for investors and lenders .If Scotland walks away from their part of the debt all lenders see is a clear debt history.Everything with an obligation to pay has been cleared by the UK government. Lenders will be battering down doors to invest in Scotland And how do you think this will be perceived in the rUK, the destination for 70% of Scotland's exports (accounting for approx 25% of Scotland's GDP)? Do you think rUK customers will continue to 'buy Scottish'? Quote Link to comment Share on other sites More sharing options...
Ex-Whitfield Posted September 13, 2014 Share Posted September 13, 2014 And how do you think this will be perceived in the rUK, the destination for 70% of Scotland's exports (accounting for approx 25% of Scotland's GDP)? Do you think rUK customers will continue to 'buy Scottish'? You are alluding that the people of the ruk are spiteful. Quote Link to comment Share on other sites More sharing options...
morag Posted September 13, 2014 Share Posted September 13, 2014 The debt is denominated in GBP. There is no possibility of default. Laughing time. Can Scottish banks print their own notes? How much is our share? £200billion. Tenners do? "But you can't just print money, it devalues your currency." Sorry, what currency would that be? Quote Link to comment Share on other sites More sharing options...
AbductedbyAliens Posted September 13, 2014 Share Posted September 13, 2014 If were going it alone, with no debt, we have to defend our currency position. Anywhere between 25% - 75% of GDP currency resereves to do that, which we wont have. Scary stuff. Id rather join the euro if possible Quote Link to comment Share on other sites More sharing options...
morag Posted September 13, 2014 Share Posted September 13, 2014 (edited) If were going it alone, with no debt, we have to defend our currency position. Anywhere between 25% - 75% of GDP currency resereves to do that, which we wont have. Scary stuff. Id rather join the euro if possible In the short-term, I'd like to join the pound - if they'll have us And you don't need cash to defend a currency. Cash is just paper, and can be printed at will. What you need is something of value, that you can sell. Usually gold in colour. But if it's black, that will do just as well There's absolutely nothing to worry about (apart from electors believing any of the guff in the MSM). Edited September 13, 2014 by morag Quote Link to comment Share on other sites More sharing options...
Orraloon Posted September 13, 2014 Share Posted September 13, 2014 that is a matter of debate. The debt is being repaid by a range of measures. Not just oil revenues. The big point a lot of folk are missing is that the UK debt ISN'T being repaid by ANY measures. Despite all this austerity it is still increasing at a rate of about £4000 per second. Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 13, 2014 Share Posted September 13, 2014 You are alluding that the people of the ruk are spiteful. If Scotland doesn't make arrangements to pay a share of the debt? How do you think we'll react? Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 13, 2014 Share Posted September 13, 2014 Laughing time. Can Scottish banks print their own notes? How much is our share? £200billion. Tenners do? "But you can't just print money, it devalues your currency." Sorry, what currency would that be? Sorry, what are you talking about? Quote Link to comment Share on other sites More sharing options...
Orraloon Posted September 13, 2014 Share Posted September 13, 2014 SG has already said we will service our per capita proportion of the uk debt No they certainly have not. The amount we agree to service has still to be negotiated. It will not be any more than a per capita share but it could be a lot less. Quote Link to comment Share on other sites More sharing options...
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