George Osborne today warned that Alex Salmond is “in denial” about the three major problems that would face a separate Scotland’s economy with only weeks to go before the independence referendum. Writing for the Telegraph, the Chancellor said the Scottish Government has no plan for the currency, dealing with the deficit or managing the impact of rapidly declining North Sea oil and gas revenues. But he warned that “our economic security hangs on the answers” to these questions thanks to their influence over everything from mortgage and tax rates to spending on schools and hospitals. The Chancellor concluded that Mr Salmond cannot tell voters how a separate Scotland’s economy would operate because his “passion for independence” has blinded him to the risks. His intervention comes as the marathon battle over the United Kingdom’s future enters its final stage before Scots go to the polls on September 18. But Mr Osborne said: “With just under ten weeks till the referendum the Scottish Government still can’t answer basic economic questions about their plan for a separate Scotland. “These are questions that shape all our lives – they dictate our mortgage rates and tax bills; the quality of our schools and hospitals; the safety of our jobs and opportunities for our children. Our economic security hangs on the answers.” The Chancellor said Mr Salmond’s economic blueprint relies on “a source of revenue that is volatile and declining”, highlighting last week’s decision by the impartial Office for Budget Responsibility (OBR) to downgrade its long-term North Sea oil tax projections by £21 billion. He said Scotland currently shares the financial burden of this drop with England, Wales and Northern Ireland but it would mean “higher taxes and deeper cuts” for Scots if there is a Yes vote in September. telegraph.co.uk/news/uknews/10967079/George-Osborne-Alex-Salmond-in-denial-about-independent-Scotlands-economy.html
Posted on: Tue, 15 Jul 2014 06:01:49 +0000
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