The SNPs own GERS figures for 2012-13 showed a deficit of £12.1 billion - larger than the UK deficit as a percentage of GDP. scotland.gov.uk/Publications/2014/03/7888 Our oil production had already fallen since then, taking down tax revenues with it, and now the price of oil has fallen to 60% below that projected in the white paper. This can only mean an even larger deficit. And all the main ratings agencies - S&P, Moodys and Fitch - repeatedly said that an independent Scotland could not match the UKs credit rating, so we have had to borrow at even higher rates than now. That was assuming a currency union, which was ruled out by everyone except the SNP. Without such a union, projections were already for borrowing rates 500 basis points above the current situation. Junk territory.
Posted on: Fri, 16 Jan 2015 20:41:01 +0000
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