Friday, January 17, 2014

Selling England by the pound

If you check in here a bit you'll notice I 'be been a bit quiet of late. Pressured of work and stuff I'm afraid. ( Stuff is word the youth of today seem to be deploying on me when I ask impertinent questions like ' what did you do at school today'.)

But that doesn't mean I've forgotten the outrageous move by HM Treasury to have the English underwrite an independent Scotland's debt.

Why have they done this? Especially as its such a weak negotiating position if the break up of the UK goes ahead.

The answer, as with so much else, is short term career interests of the politicians who make up the coalition. They know with the massive super debt that they have been adding to each year that a change in interest rates could save their chances of being richer as govt ministers in 2015.

Their answer, as in so much else, has been to sacrifice English interests.

If Scotland does vote to leave the UK then I think its quite clear that we won't be able to trust those who should be negotiating for England.

PS I'd put a copy of the sleeve for the Genesis album  on here... If you could be sure some copyright troll wouldn't come knocking.


Anonymous said...

They haven't, they said they'd underwrite UK debt now but also after the split of debt between the two countries if the vote goes the wrong way. Any new debt issue by Scotland wouldn't be covered ofc.

The reason?
1. Because if those who buy the UK bond thought a portion of it is riskier then the price of the whole would have to go up to compensate.

2. Secondly, it highlights to Scots that going alone may will have extra costs, literally.

Man in a Shed said...

Yes - but any new Scottish debt would be a small fraction of the national debt inherited from the utter stupidity of the Brown disaster inflicted by the economic criminals in the Labour party.

You're right its raises the issue, but so would a rise in UK gilt rates.

James Higham said...

Their answer, as in so much else, has been to sacrifice English interests.

This heads the list of the greatest crimes of this era.