Sometimes if you dont understand something that everyone else seems to think is obvious, you can be too embarrassed to say so. That was me and Better Togethers warnings about mortgage costs in an independent Scotland. If we didnt get a currency union, and if we therefore declined to pay anything to help Britain service its national debt, and if that led the markets to view us as having defaulted on our debt, and if we (despite being the only debt-free western economy bar Norway) had to borrow from those markets, and if they charged us a higher rate than Britain despite the fact that we were debt-free and asset rich - each and every one an if that I would contest - even then, I still didnt see why my mortgage rate would go up. Why would the Bank of Scotland charge me more for my mortgage? Better Together said they would and no-one seemed to disagree so I thought they must be right. Turns out, no theyre not. Its just voodoo economics. Watch as Gordon Brewer asks Willie Rennie to explain the connection, repeatedly as he doesnt follow it either. Toe-curling does not do this justice. As always, see Wings Over Scotland at wingsoverscotland/not-waving-but-drowning/ and wingsoverscotland/ask-wings/ for further analysis.
Posted on: Sun, 31 Aug 2014 19:30:01 +0000
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