That international law he refers to is Article 38 of the Treaty of Vienna. Always ask a unionist, when they are going on about economics, whether they've read that article. Watch their face drop
Which treaty of Vienna are you on about the 1850 one? that was meant to suppress the French, whichever one it is has no relevance today, unless you can explain otherwise
@@ericcooper1709 Wut? No, get a grip. You're another plank that doesnt listen nor exhibit the faintest capacity at any attempt to understand. Vienna convention on the Law of Treaties 1969. Scotland will leave the UK under international law, not what the ignorant believe. Anyway it is all laid out in the video and also elsewhere out in the greater world. You and your ilk are in for a shock as your carefully engineered and constructed belief systems implode.
@@fuzzle9392 As the British were the main protagonist in drafting the treaty and the main purpose of the treaty is to ensure that countries abide by the rules of the treaty they have signed, good luck with that one.
@@ericcooper1709 you really are not getting it are you. Scotland can and will leave the union that created Great Britain and it will be done under international law where Scotland will have no legal obligations as a "third country" to take any of the UK debt. That is the simple truth and you should really make some attempt to understand what is being said in the video because he is correct. Also there was no "British" when the treaty of union was being written up. Britain didnt exist until signed by the Parliament of Scotland and the Parliament of England back in 1707. Britain and the British only came into existence after the union of the parliaments set up at Westminster. The treaty of union has already been broken by England.
@@fuzzle9392 I think that the only person not getting it is you, you would have to take the rest of the UK to international court for starters and before you could do that you would have to have some sort of mandate and merely turning up and saying we have conducted 6 polls in a row of 1200 people and they say they want to leave the Union wouldn't be good enough. And if you want answers to constitutional matters ask an expert not Richard Murphy, If you want to see how much credibility he has go on to CZcams and put in Richard Murphy at holyrood, he appeared before the finance committee and was asked how much difference could he make to the GERS figures, his reply was "about1%," he was then asked which other country uses your accountancy methods, his reply "none". The guy makes a living out of CZcams and saps like you fall for it.
Why is there not more experienced economic officials explaining this properly. Rather than SNP economic propaganda this man is not raising his voice or aggressively waving flags in your face. Just the facts I hope many of the electorate watch this in Scotland as this can be complicated.
Wow, I did not realise you had a CZcams until someone posted this on r/Scotland, subscribed. I have been following your blog posts for years, they have most definately enlightened me to the whole government finance and debts side of things as well as clearly debunking GERS as unreliable data produced by UKGov. Thank you for all you publish on these various topics, I really do appreciate it.
THIS IS EXACTLY WHAT THE SCOTS NEED TO PUMP OUT EVEY SINGLE TIME ANY UNIONIST QUOTES “GERS FIGURES” We cannot allow so-called political experts QUOTE, DEMEAN SCOTLANDS ASSETS AND HOW WE WILL SURVIVE WITHOUT ENGLISH WEALTH
If you want to see how much credibility he has go on to CZcams and put in Richard Murphy at holyrood, he appeared before the finance committee and was asked how much difference could he make to the GERS figures, his reply was "about1%," he was then asked which other country uses your accountancy methods, his reply "none".
How can a country that isn't allowed to borrow money accrue debt? Although,if your absolutely hell bent of debts being repaid, we will be happy to calculate how much money Westminster has stolen from Scotland and get a bill prepared.
@@grahamo22 Scotland pays far more than it's fair share into the UK. If we didn't do you honestly think David Cameron would have literally begged us not to go? Tories only love money, if they thought Scotland was a drain they would cut us loose in an instant. Use your head and look through the propaganda.
@@grahamo22 and if we are talking about countries getting infrastructure paid for on their behalf, why don't we discuss the HS2 rail link? You know the one I mean, the one Scotland has contributed 2 billion pounds to and not one inch of track will be laid in Scotland.
@@adamidas359 What about the millions of miles of roads in Scotland that the English do not pay for or use ? And it’s completely made up nonsense to say Scotland is paying for HS2. You just guessed a number and a whole lot of incorrect assumptions and assumed you paid for it. You did not so stop being a. Four year old.
Great analysis and explanation. We have heard of other nations that became independent from the UK that became crippled with debt. So my question is that those countries were they tricked into assuming a disproportionate amount of debt in the negotiations surrounding their independence or did the debts arise by say, economic management after independence. I read that part of the problem was that they took the colonial administration debt upon them after the splitting. It is something we have to be very careful with when trying to deal with perfidious Albion. I am totally 100% independence, and totally believe that Scotland would run a surplus most of the time. I cannot believe that England are wanting to keep us around, if we a drain on the national purse (something they always said to previous colonies as well)
Don't be too hasty wee wans. Now the UK are free to trade wherever....the world is our oyster. You are very likely to miss out. See, a union means the flow goes both ways. Give it a couple of years.
@@dontalkt2meboutheros As an EU member the UK was free to trade with the whole world. So what UK products will the world want to buy this week that they didn't want to buy last week?
@@theother1281 No, the reason they are making new trade deals is to replace the deals they once had with China. China, the EU's new trading partner. *shakes head* It's not all about you.The CCP and the SNP, I must admit they sound like they'd be good bedfellows.
@@pjmoseley243 I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years. As to who he is, I think it's up to you to discover that for yourself
@@pamelamorrison4086 Pamela, I am always reminded about experts, they once told the world the sun revolved around the earth, that the earth was flat, that god created the earth in 7 days, new experts are surfacing every day, have any of his expert theories ever been tested?
@@pjmoseley243 The proof of his knowledge is clearly in the factual delivery of the pointd he has made where, where no one has challenged those details. They cannot.
@@starsailor49 ha ha ha. It's not Scotland's debt. Scotland didn't incur it, Westminster did, and it wasn't spent in, on, or even for Scotland. Didn't hear any complaints about the £350 billion of North Sea oil revenues spent on London and the south east, while Scotland got nothing
Although the UK is an union of nations, the system of government remains unitary. Means that all powers are centralised at the same spot. If Britain was a federation like the US per say, the powers would equally be shared between Holyrood (local gov) and Westminster (central government) or a confederation like Switzerland, in this case Scotland would be independently ruling itself yet still uniting under the British flag. In both cases, Scotland would have its own independent bank in a federal government, so it could run a debt. But that's not the case, Scotland is under devolution, means it has to beg to unlock funds from down south (funny since Scotland's oil comes from the north). Another thing is, since England would owe us it's an opportunity (pardon for it sounds utopic) to expand Scotland's land mass: since the news they're being fed in the south are like "the Jocks are a burden", then also some celebrities like Jeremy Clarkson states that "should be Jock leave fine I'll stand on Hadrian's wall shouting at them KEEP YOUR BAGPIPES AND KILTS AND TARTANS OUT!", Well, it makes the English think that Hadrian's wall is the actual Anglo-Scottish border. Fair enough, after all it'd extend the Scottish land mass with 5000km+, then North Newcastle would be Scottish (mind on a poll from two years back 55% of Newcastle wanted to join an independent Scotland 🤷) and the Scottish ministry of defence could use a potential former RAF Boulmer as a future Scottish Air Force base. There are many examples like that. I guess this would be a nice payback 😏
Hi Richard, I have read some social comments recently, that some but not all of Scotland Trading is not included in the GERS STATS IS THIS CORRECT ARE THERE MONETARY TRADING NOT BEING COUTED AS SCOTTISH
@Fletch Gaming Absolute rubbish, the source of any goods depends on where the invoice is raised, Dewar's whisky sent down to Kent for embarkation to France does not count as an English export. That is like saying that goods sent to Italy via France from Scotland are French exports, get real.
@@ericcooper1709 So London based companies raising invoices in London for Scottish produced goods and services makes them English exports. While the Scottish subsidiary raises a company internal invoice to head office. So you agree the figures are distorted to suppress Scottish export figures and make Scotland appear more dependent on England as a market. Also any Scottish components build into assemblies in England and then exported are counted as English exports.
@@theother1281 Do you have any understanding of how business work? let's take the Scottish whisky industry, this is 75% owned by non Scottish companies Diageo and Pernod Ricard are you seriously suggesting that they should invoice everyone from Scotland despite their head offices being in London and France, if you are you are seriously deranged and even more deranged if you think that independence is going to change this.
@@ericcooper1709 Not saying they need to but they will need to register the sales with the Scottish exchequer and raise export documentation from Scotland. So the tax and balance of payment benefits will accrue to Scotland.
@@theother1281 What export tax are you referring to on Whisky, there is no export tax! whytepaper.wordpress.com/2015/08/25/meme-busting-whisky-and-the-non-existent-export-duty/
@BreatheScotland 🤣🤣🤣 the funniest thing about an independent Scotland's economy is that nobody knows why it'll be like buy we all know one thing, in the UK Scotland is POORER and has one of the three worst deficits in Europe... The other two being worse and they are Wales and Northern Ireland, sensing a pattern? So you economic plan for Scotland in the UK is to basically scrounge our way through life... Am I getting that right
Question re Scottish independence: Would you agree that a good strategy for Scottish independence would be to have a sovereign currency whilst applying to join EFTA?
I propose you float the idea now for Scotlands new currency have a competition, I favour the currency is called the JOCK, you could have 100 Haggis to a JOCK, it would be unique to Scotland, what do you think? or the " DRAM" and 100 chasers would = 1 X DRAM🧾( hope you have a sense of humour)
and where would the assets come from to fill a central bank? Every jocknote printed would needs assets such as gold to guarantee the validity of your promissory notes.
@@johnbinnie5697 Clearly you don't know what the gold standard is. There is a difference between linking the value of paper money to the value of Gold. (Gold standard) and having the reserves in Gold to validate your paper money which is only a promise note. Idiot.
Thanks Richard, this has cleared up many questions i had. Im not a financial analyst so could not make sense of the fact Scotland has a gdp of 153bn pounds but is only given 33bn or so by Westminster. And they then have the audacity to say through GERS figures that we are subsidised by them....60-70 bn of public spending sounds right and independence may be the only way to rightfully get it. The Economics are clear here, also that a Socialist democracy and not a Conservative capatilist democracy is showing by examples all over the world a better path to take, which Scotland is aiming for.
@pj moseley I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years. As to who he is, I think it's up to you to discover that for yourself
Is there a recognised international term as to how far back the debt calculation goes back? The only reason I ask is generally people start the conversation in 1970 and that was when the North Sea oil fields opened up. But what happened historically before oil ? I don’t know answer - I’m only asking. Is it 50 years or is the date convenient? This argument does make the independence argument based on deficits and debt burden look compelling.
In 1707 Scotland had no national debt but England had. The myth that Scotland was bankrupt is just that - myth. It was the landed gentry who had invested in the Darien Scheme who were bankrupt as they had been prior to the Darien Scheme. To this day the landed gentry live with inherited debt as they have done for centuries. The Queen Mother had an overdraft of £2 million when she died and her daughter paid it off with tax-payers' money.
The Anglo-Irish Treaty is the relevant thing here. The Irish Free State assumed NO PART of the UK's debt after independence... Scotland is legally barred from issuing or incurring debt. In strict legal terms, Scotland has NO debt, because it CANNOT have any. EDIT; I have checked, and the Irish Free State(IFS) did assume some part of British debt, mainly to do with military pensions. None of this had been paid by the time the Boundary commission was convened in 1924. The governments of Northern Ireland(NI), the IFS and the UK were so annoyed by the Boundary Commission's report that they agreed to suppress the whole thing, leave the border where it remains to this day, and the UK government agreed to never request payment of any money from Ireland. Actually, that still left the Land Annuites, but they were cancelled after De Valera agreed to end the 'Economic War' with the UK. Under that agreement, the Land Annuities ceased, and the Treaty Ports reverted to the IFS...
@@ericcooper1709 Your attempt to rewrite history is amusing. The Republic of Ireland did not come into existence until 1949. The Irish Free State(IFS) had assumed some responsibility for British Imperial debt, mainly war pensions, when the Anglo-Irish Treaty was signed, in 1921. NONE of that money had been paid by 1925... The issue of the border was not dealt with until after the Boundary Commission was convened in 1924. It issued its report in 1925, and the three governments(Northern Ireland[NI], IFS and UK) were so unhappy that they decided to suppress it. So, the report was suppressed, and the border stayed where it still is today... As a sweetener, the UK government agreed that it would never demand any money from the Irish government as specified in the treaty... NI did NOT get "...the borders it desired..." To be fair, neither did the IFS... On the other hand, the IFS saw its Debt/GDP ratio collapse from 90% to 10%...
None ! Its their mismanagement , we won't be a part of the Uk , given that we have only been getting eight % of Scotlands own assets. We should be suing them.
Great arguments. I would add, what if they consider 'loss of earnings'. What I mean is the investments that Scotland could have made with their oil revenue have been lost through its squandering by the UK gov and shareholder gain. An example would be in Norway's sovereign wealth fund, which is currently £1,276 billion.
@@richierich1835 as a country Scotland has no debt the uk government claim its on our behalf but you can never trust a tory and its a legal fact Scotland has no debt as it does not have the legal power to borrow when we become independent the debt that remains with the uk gov
A debt occurs when you spend more money than you raise in taxes, for example £63 billion raised in Scotland in taxes, SNP spend £75 billion ergo £12 billion debt, simples.,
@@ericcooper1709 actually thats not true as scotland raises £63 billion thru the block grant scotland gets back of its own money £30 billion which equals as a £33 billion surplus
@@kablegames2446 You really need to do some research,you have no idea what you are talking about. The pot of money used in the calculations is the amount Scotland raises in taxes, the £34 billion given to Scotland is the amount calculated to cover the devolved matters run by the Scottish Gov, the balance is used to cover non devolved matters like Scottish Pensions and Welfare payments, a portion of defence costs etc and as Scotland has more per head paid out on welfare payments than any other part of the UK that amount is significant
Oh and as for any assets.......they can have the Subs and all the crap from Coulport, Deliver it to The houses of muppets...sorry parliament lol. Frrreeeedddddoooooommmmm 🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
@@ericcooper1709 Oh.... Funny how you never mentioned the 1000’s of Clyde ship yard workers or the miners that the english gov threw on the dole queue??? Frrrrrreeeeeeeeeeeddddddddooooooooommmmmmmmmmm🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
@@bigaldo246 So sorry, we really need all that coal now!!!! and as far as shipyard jobs go Sturgeon has already ploughed £45 million illegally into the Ferguson Boat Yard just before it went bankrupt and then to save the jobs she Nationalised the yard at a cost of around £400 million, something she could not have done as a member of the EU. So you have your leader of choice for as long as you can afford her
@@ericcooper1709 lol...lol...lol now I know who I’m txting Bojo? Pmsl Ya Plonker🤡🤡🤡🤡🤡🤡🤡🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴Freeeeeedooooooooooom
Does northern Ireland want to continue in the contining state the abuser state. About 181 countries being assaulted maybe the world should look for reparations against this obnoxious one.
If you are all so certain of our DRAG on the UK. why is it that your leaders shite themselves, when the polls say, we want to leave. Can I have a coherent answer to that??
It is the opposite most of the British establishments want Scotland to go and so do a lot of English people. I| myself are completely fed up with it all. Sturgeon et al does not want independence they want power. The fact bojo is speaking to England rather than the UK is a case in point. The SNP said in 2014 no new ref for generation, but they use the threat of a second ref and it's getting tiresome. London is calling Sturgeon's bluff.
Imagine you're a lodger. You're paying some rent, but not half the full cost of the mortgage etc. Heating the house still takes the same money whether you're a lodger or not. Thus you being there reduces the homeowners heating bill. The idea of being a drag is brought up in response by those who see that Scotland raises £800 per capita in tax and claim Scotland subsidies England whilst willfully forgetting that public spending is £2000 per capita higher in Scotland. Thus as part of the Union Scotland gets £1200 per capita more they it contributes. By breaking up both will be poorer. Just Scotland is likely to be more adversely affected. Using the Lodger example, if the lodger moved out, the lodger now has to find a place and pay all the bills, which means more expense for a lower standard of living. Now if that lodger was your brother/sister/mother/daughter / father /son, you'd feel they were making the wrong decision?
@@abzzeus methinks, your figures are skewed, tell me why, around 30 billion goes adrift every year, or maybe that is the ( INTEREST) we owe England, is it?
@@alistairewen9558 oh I don't know, maybe it's the pensions or the job seekers or housing benefit or the armed forces or the border protection or HMRC or the foreign aid / EU contribution / diplomatic service, or VOSA/DVLA or UK wide regulators for energy, telecoms, pension, finance? Perhaps if you start adding this plus others I've forgotten, you'll get the figure Anything not devolved, Scotland still has to pay for. It's like renting doesn't equal the mortgage, maintenance plus wear and tear, insurance, etc all are factored in
@@abzzeus and you think England is responsible for all mentioned? You. England, didn't mind taking all of OUR natural rsourses when the going was good, did ye.
Thank you Richard for your clear and truthful information. I wish there were more people like you providing genuine, true analysis and information for everyone in the UK not just us up here in Scotland. Much appreciated
Give it ten or so years and when their lakes and rivers run dry they’ll be on their knees grovelling for some pipelines of water. They stole our whisky and oil and they ain’t getting their hands on our water. Freeeeedddoooommmm 🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
Michael🤡.if only you could have read what I typed......I said “Give it ten or so years” at no point did I say we have pipelines running down south at this present time. Freeeeeedoooooooommmmmmmm🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
@Michael Jefferson there is a mad story about pumping water over the borders hills to London. Why you would do that instead of getting water from west England or Wales suggests they dont know it rains like Dunoon there.
julian shepherd when Scotland leaves the UK, NI will also leave! England will be devised into 3 states,provinces or whatever....there will be the Northshire, Westcountry and the south east(London shire) do you think as the country warms and water becomes more valuable than oil or gold that the North or Wales and especially the West Country is going to have pipes running to London? sewerage pipes maybe? Lol
I like the video. Speaking as a Scot with a strong leaning towards independence (enthusiasm for the SNP has, ah, taken a hit over the last few years to be fair e.g. the SNP being heavy handed with Covid restrictions even post vaccine, but tbh they're somehow probably still more enthusing than the Tories "vote for us and we'll machine gun people crossing the French Channel #GBGBGB" or Labour "let's completely knife the left of our party while we're on top!") it always felt likely that there'd be a fair bit of realpolitik/horsetrading when it came to a no share of assets, no share of debt argument at the last indyref. Trident in particular likely would have been a major chip on the table, perhaps giving a long, relaxed timetable for England to figure out where would be most amenable to dumping the nukes down south in the future.
@@pjmoseley243 I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years. As to who he is, I think it's up to you to discover that for yourself
Scotland should use the " tartan" I just thought of it. The tartan would be divided into 100 haggis. 100 haggis = 1 Tartan its simple. or you could use the " JOCK" that would be made up of 100 drams. 100 drams = 1 Jock. its so simple.
@@pjmoseley243 we will use the scottish pound, but our currency could be anything at all, it makes no difference to scotland but the pound has allways been its name, so why change it
SCOTLAND SHOULD HAVE ASSETS ...IF YOU REMBER THE STATEMENT FROM THE > BANK OF ENGLAND CHIEF SAYING SCOTLAND HAS >>NORTH OF A TRILLON POUNDS ..WHICH MENT >> 3 TRILLION
Excellent talk. I understand that the savings of the population are pretty vital to a fiat currency? If I have understood that correctly, would it be as interesting & helpful to others, as it would to me, to explain or clarify the process needed to transfer savings from ‘British’ institutions to say, Scots or Welsh? How difficult would that be? Is it a problem? I am sure Unionists will pick up on this issue at sometime and it would be helpful to have an understanding of possibilities here.
Total bank bailouts cost £137 Billion which includes Lloyds/HBOS, RBS/NatWeast, Nothern Rock and funds pumped into the system to maintain liquidity. It's estimated the final cost after selling off Government shares etc. will be about £27 Billion. Those Scottish banks as you say, who just happen to service more customers in the rest of the UK than Scotland, were kept afloat to prevent even more damage to the rest of the banking sector.
Seems like a lot of the maths'#, work on regarding many years and areas of finance as nothing to do with Scotland when it still received payment and was a part of the UK I cant see how that can be any common sense, this seems to be an argument on a wish list
Yet oil revenues have gone to UK governments for 40+ years. Read the McCrone report, hidden for 30 years to prevent Scotland knowing the wealth UK government were taking from it whilst telling Scotland we were dependent on UK for survival. It certainly wasn't spent on Scotland
@@shirleybuchanan640 There is no such thing as the McCrone report, it was a memo left as a briefing paper to an incoming minister and the person who wrote was never a supporter of independence.
If it was agreed that Scotland could have their independence, all the UK government need to do is make one repayment towards the national debt prior to them leaving which in turn would then make Scotland liable for their share of that debt.
Calculations can be prepared with all sort of political perspectives being applied. You are applying one view and it is wholly likely that Unionist politicians would take a different position. The independence settlement in respect to debt would be subject to negotiation. International law would take into account past precedents. The break up of Czechoslovakia being the most recent and obvious example that would be relevant. In that particular case, national debt was split based on the population share. Since the Czech Republic had approximately twice the population of Slovakia, a 2:1 ratio was applied to moveable assets and liabilities. Fixed assets, such as government buildings or state-owned enterprises, went to the republic in which they were located. I see absolutely no reason why the same principles would not apply to to the separation of Scotland from the rest of the UK. Another powerful lesson to learn from the Czechoslovakian separation is the fall out related to currency. Like Scotland, the Slovak negotiators wanted a currency union or at least the continuation of the Czechoslovakian Crown. That wasn’t acceptable to the Czechs. The Slovak Republic was forced to establish its own central bank and currency. Immediately upon introduction of the Slovak Koruna there was a flight of capital from the Slovak Republic to the Czech Republic. The Slovak banks had a liquidity crisis and unemployment ballooned to more than 20%. Is that a potential trajectory for an independent Scotland?
@@danielbevan9024 Richard seems to think that Scotland can get out of certain years of UK debt increases, and in fact concludes the UK owes Scotland money. Hilarious! It's like inland counties saying they don't benefit from navy protection, so won't pay for defence. Richard's the guy who whips out the calculator at the end of a group night out and declares he didn't have a starter and only a bit of wine...! Debt accrued by the UK applies to all members - period. Scotland's share on exit will be chunky, that's for sure. They don't get to write off a few years' worth - that's not how unions work. He's a joker peddling lies and misinformation to get some up-votes. Enjoy the videos, but purely at a comedy level.
According to the OCED, on Day 1 of Scottish independence, Scotland would be the 14th Richest Country in the world and England would be the 39th Richest Country in the world and Scotland within 20 years would be in the top 5 richest countries in the world and that was the respected OECD that said that in 2019, I always knew Scotland was richer than england.
That figure is badly distorted. It surmises that Oil revenue would belong to Scotland. It does not. It also surmises that trade from Scotland to the UK would remain the same. It won't. There would be a border between us. Tariffs,customs,quotas would all have to be negotiated. The biggest issue would be the rules on Scotland becoming a new state and the UK being the continuing state. Everything would belong to the continuing state. There is no legal route for Scotland to leave the union with anything.
@@baldrickscunningplan6154 Absolute Guff, the oil is in Scottish waters which mean's that they are Scottish, your fridge in your house, does not belong to me, it belongs to you as it's in your house, if Scotland has an independence referendum next year and wins, there is absolutely nothing Westminster can do to stop Scotland leaving the UK, remember the UK Union is a voluntery union.
@@cariza5 The oil revenue stated was not from "Scottish oil" it is from oil belonging the the UK. The UN has been very clear on this - Natural resources are jointly owed by the population of the country not that small area when the resource is found. Net effect is that Scotland is entitled to (about) 8% revenues stated not the 100%.
@@baldrickscunningplan6154 LOL You're an idiot. Its Scotland's oil. Just as England has no ownership of Australian mines anymore in Australia. That is what happened when we became independent. It is in Scottish waters it will be Scotland's oil.
I did my dissertation on this subject. As much as zero national debt inheritance seems nice. Would this then not mean that Scotland wouldn’t inherit net assets on a proportional basis as well such as value similar to population size for the Bank of England’s net worth
Yes. CommonWeal argue in their Starting a New Country that that is a good position to be in as it would let us start with a clean slate rather than taking over unsuitable or outdated assets.
If you look at the actual stats, Scottish GDP per capita after oil revenue is removed is roughly same as rUK. I support Scottish Independence but in a fiscally responsible way rather than what is mostly being proposed nowadays. We need to take our fair share of the debt (what that it is is debated in this video), this reason for this is for our country to attract both a desirable credit rating which affects government rate of borrowing and currency value of a Scottish currency. If Scotland is to flourish as an independent State, it will need to do so as a celtic tiger model and echo the likes of a Hong Kong/Singapore
Mulberry2000 geographic assets are allocated on basis of location. Non tangible assets are similar to debt so brought forward until usually a per head of population basis. So are debts however so if Scotland would either have to follow (according to this video), zero debt inheritance but they would also need to cover their own cost of central bank, military and current reserved issues establishment or inherit a very high per capita debt level. If I was first minister right now, I would probably try to negotiate between the two stances
@@TheGreggo95 Like a Hong Kong or Singapore? Christ - please no. Independence is an opportunity {had to resist saying 'once in a lifetime' there} to do things differently, not simply to repeat the mistakes of the past or race the UK into the kind of capitalist state it wants to transform itself into.
@@thefastandthedead1769 I can assure you theres loads of poor people down south who dont see any of this so called money. and the poor people extend all over this land. the best thing to do is live offgrid and fuck em all.✌ peace.
@@theother1281 qe is not connected in any way to national debt. Government does not borrow to do qe. Central banks to qe when they use money (newly created from thin air) to buy financial assets from banks in effect exchanging one asset for another. If that asset is government debt it s only an exchange between money and bonds of same value.
Who is this dipstick. I hope he's right, Scotland can then FO even quicker. I'm sick of them moaning about independence. Let them join their masters in the EU.
Thanks Richard. Many myths have been put to rest and I look forward with relish to hearing the usual suspects try and argue differently. Indy2 will not have the same errors as Indy1, forewarned is indeed forearmed.
@@pjmoseley243 I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years. As to who he is, I think it's up to you to discover that for yourself
Neither does England. So basically in the case of a YES vote. The Tories just need to rush through an English free state bill (they would have the majority to do so as well) That way England would become the free state and the whole national debt would be instantly lumped onto the remaining UK (Scotland, Wales and NI) to squabble over. Bingo! Of course it wouldn't happen because the whole argument that part of a state can slip away and become instantly debt free is total and utter bollocks.
So Shirley does english traders around the world only pay All Taxes To english head office only No contributions to the country they are trading from!!!!!!!!!!!!!!
@@starsailor49 It's you who doesn't comprehend Peter. You've presumably just watched a video from a tax expert yet still you deny it! SNP supporters are a great deal better educated on the Scottish/UK economy than you seem to be
Love the videos Richard......got them down south shaking in their gum boots pmsl Frrreeeeddddooooommmm,🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
Well....when Scotland becomes a free country we will celebrate as england burns in the rubble of the riots which will happen( coz it always does) and as for us up here....the oil will be left where it is and we will have all our energy from wind, sea, sun(when it’s not raining) lol and hydro.....a vision of a beautiful country to come. Rule Britt....soz? Not allowed to sing that song anymore! The one mighty england...the ruler of so much....but all you will have is Wales, I feel sorry for them. Pmsl.
@@bigaldo246 You will need to get electricity first. I thought you Jocks were still shagging ginger women by candle light. Still can't figure out why the men wear skirts either. Something seriously wrong with that.
Your right Scotland doesn't borrow anything, what it does do is spend about 13 billion more than it raises in taxes and this what is funded by the Barnett formulae. Scotland will survive as an independent country however Scots will have to get used to paying far higher taxes to fund the current standard of living they enjoy, for instance the NHS costs 12 billion to run in Scotland, similar independent countries like Norway spend 7 billion on maintaining their armed forces. those two alone account for about 18% of what Scotland raises in taxes
@@ericcooper1709 The Barnett Formula is Scotland's own money coming back. Government statistics going back to 1900 show that every year Scotland has contributed more to the Treasury than it receives. In the 20 years from 1999 to 2018 Scotland contributed (not counting oil revenues) £895,240,000,000 and received back £511,499,799,000 (Barnett Formula) leaving £383,740,201,000 at Westminster.
@@Dunsapie Why then does that not show in the last set of GERS and why when questioned about the deficit (particularly by Andrew Neil) has Sturgeon never denied the deficit ,she just struggles to explain how she will reduce it, mainly because she doesn't want to frighten the voters. GERS shows that last year Scotland raised £63 billion in taxes and spent £75 billion if these GERS figures are so wrong you can only blame the Scottish government as they compile them using Scottish accountants so why would they want to paint such a bleak picture that doesn't help their argument?
@Fletch Gaming A piece of fiction solely compiled and verified by the Scottish Government - GERS is compiled by statisticians and economists in the Office of the Chief Economic Adviser of the Scottish Government. The Scottish Government's Chief Statistician takes responsibility for this publication. The latest publication of GERS, providing figures for financial year 2018-19, was published on 21 August 2019. Government Expenditure and Revenue Scotland
@Fletch Gaming For god sake man go onto the Scottish Gov website they tell you that they are solely responsible for the figures and the Scottish Finance minister compiles them, you are in complete denial. Also read the Fraser of Allender overview, they can't all be telling lies just because it doesn't fit the independence argument fraserofallander.org/gers-guide/
There is already a formula for determining the split. It's called the Barnett Formula and has been used for years. Also, what happens if the islands break away from Scotland, taking their oil and fish with them?
The "split" will be done via international law, NOT the Barnett Formula. Consider the "Vienna Convention on the Law of Treaties". Scotland will not have to take any UK debt. As for the Islands breaking away then they will find that they'll be pissing in their own cornflakes because their sea limit boundaries wont reach the oil fields which will still reside in what will still be recognised internationally as Scottish waters. I believe that the Islands will have 12 miles from their shores, so what oil will they be taking with them? The problem with people such as yourself is that you continue to talk from a perspective of wilful ignorance.
@@fuzzle9392 the Barnett Formula has set a precedent for the split of finances. It is established already. Debts aren't treaties. Do a quick search on this topic and all you will find is a suspiciously similar worded blog as this video. I suspect one is a copy of the other. You may have a point about the islands, but why would Scotland be any different? Surely the same rules apply when the islands split as when Scotland splits. Don't the seperatists want a split along the median line? Why wouldn't the islands get that too? Like I said, there might be a good reason that I don't know. To be fair to you, I have asked this question before and you are the first person that has answered. In any case, it seems weird to do a simple population split when there is freedom of movement. The debt is on the land, not the people. If you don't like the Barnett Formula then why not just have a simple geographical split by landmass? Or maybe inculding the waters at a rate of say 1/5 of the equivalent land. Something fair can be worked out I am sure.
@@MeM_UK You obviously do not understand and are clutching at straws. The Barnett formula will have nothing to do with it when Scotland leaves the UK. It will all be done via international law including "The Vienna Convention on the Law of Treaties". Scotland will become a "third nation" which means that it will not have any obligation in taking any of the UK debt with it.
@@fuzzle9392 what has debt got to do with treaties? I don't mean to be rude, but you sound a bit like one of those "free man of the land" types who wants to apply admiralty law to driving without a licence. You didn't answer the point about why Scotland would get a median line split but the islands a 12m radius. Perhaps a projection of the average route of the border could be applied to England and Scotland with something similar for the islands. On the plus side, if you could incorporate the terriorial waters into the debt calculation then you could saddle the islands with a lot of your debt.
I would like if he would for him to address my points. (1) Scotland would have interest ratings based on the lending market confidence in Scotland, which for Scotland would not be a lot until they have had time to see how and whether Scotland would pay off it’s loans and that would include a separate credit rating. (2) Scotland doesn’t know what currency it is going to use and it there could be conversion differences (3) Assets and liabilities go hand in hand and Scotland would not receive UK assets if they don’t pay liabilities. (4) Scotland has more then just national debt, they also have obligations such as paying toward UK Pensions and UK Politicians wages, as well as other central areas where Scotland has benefitted as part of the union and would owe until the the date of independence
Totally true and let's not forget that the rest of the UK is Scotand's largest trading partner and that UK armed forces, and industries such as ship building, etc are all intertwined. Hence, leaving the UK would be political and economic suicide.
Francis Saunders, The rest of the RUK accounts for 60% of Scotland. The UK provide defence for Scotland The shipyards are provided with lots of UK Government contracts which would no longer be there if Scotland went independent, as the UK keeps these kind of contracts within the UK and an independent Scotland would not qualify. Scotland has a £1,000 dividend in the UK for every man, woman and child
Michael Bridges, what do you do for a living, I do hope your not in any kind of financial field cause you would have everybody broke within the week, stop passing on your unionist drivel and go and get educated about what is really going on in the so called United Kingdom
Porto Rico , My Information come from G.E.R.S, and other government sources, which are referenced by both the UK and Scottish Government. Are you saying the UK and Scottish Governments, the politicians responsible for running the UK and Scotland are wrong?
Scotland owes nothing it is it democratic right to have a referendum. If you are knowledgeable in economics then you will know that Scotland has propped up Westminster for decades with her Oil.
What a great find.. I have so many questions!! 1. What about dependency islands like Ascension, Falklands, Shetland etc. Does Scotland get to keep a similar percentage or can be compensated for the loss 2. GERS payments how to deal with that. 3. The new sea boundary drawn up in 2014 for the referendum does Scotland get its old boundary back....
Richard, what about the UK National Assets on Scotland leaving the Union. It sits at £14 Trillion. Does that mean Scotland would be given 8.2%(based on a population ratio) ie £1.15 Trillion. I appreciate that some of these assets are fixed assets .
By the way, the debt (which is closer to £200 billion than your fiddled figures) would go onto an independent Scotland's balance sheet. It would be a debt to the Bank of England. That debt, which will quickly rocket due to massive overspending, will impact on Scotland's credit rating and ability to sell its bonds. As someone once said: you can't buck the markets.
How much does England owe to Scottish fighting your imperial Empire wars. More per head of population and that is the point of my post. After our English Nationalist Brexit, we are now going to Jog on. So 'we' in 'our country' will "Jog on" quote BBC live interview. Bye
Absolutely right, an SNP Scotland would not have fought against Natzi Germany, they were too busy trying to buy guns from Ireland to start an uprising should Germany invade so that they could help them out, let's face it you are just about as low as any political party can get
@@ericcooper1709 Fine, let us go then! You bleat on about how much Scotland costs England when you hold on to your rule over us for over 300 years and no doubt you will use Covid-19 as an excuse to cancel the May local elections in Northern Ireland, Wales and Scotland for you unionists will never let go of the rest of the UK without a fight. Invoking no doubt Article 30 under the reserved powers of devolution to prevent a 2nd independence referendum in Scotland. Our country has had enough. We will not allow Brexit to make us 6% worse off than England and the most badly affected by Brexit member of the UK. That is not going to happen and the EU have all a new Independent again nation could ever wish for. You blew it England forcing your unpopular Brexit on Northern Ireland and Scotland. You were warned so now you will pay for this foolish act.
Dear Richard, If you are right regarding debt that is positive! However, Scotland still has to earn a living so what do you think will happen to our trade with the UK common market? Currently, according to my SNP MP, it represents 73% of all Scotland's trade - that's a big number! If we lose that or part of it, Scotland will be in trouble? Sturgeon wants to apply to the EU for membership but that's only 12% of Scotland's trade - a small number and our chances of being accepted, is also very small! What about currency difficulties - don't you think the "Scottish pound " will be devalued?
I'll try and find the document but a lot of scottish trade that goes to the EU through England actually gets included in the English economy. I'll try and find it again and post a link.
The problem with the common market, like much of Westminsters accounting skills, is the choice of how to measure things. One mentioned certain EU trade being counted as England, this is a bit of a half truth more muddied by business organisation. But a lot of metrics are either added, excluded, or redefined to suit agenda on all things. People are not "unemployed" unless claiming job seekers allowance. One way they fiddled this was excluding people on "workfare" which was essentially shoving people into a private sector job centre. Same with GDP which George Osborn went on a spree desperate to add things to try and obscure a looming recession. Including things like sex work (which as a note, they are so serious about that they have next to no protections in law, but if it makes the figures look good). Its actually really difficult to get answers because these practices are so commonly used.
I think you are looking at this from the wrong angle. England and the GBP is going to increasingly be a drain on the Scottish purse. Best to get out before things get any uglier. England will continue to trade with Scotland regardless of the deal in place. It needs to. How else will it keep the lights on? EEA membership would be pretty much immediate and may satisfy a broader spectrum of voters.
It will be illegal for Scotland to pay any money. Scotland can't borrow money - only UK can. This would be like one person paying someone else's mortgage.
We are all guarantors to that debt, the taxpayers of England, Scotland, Wales and Northern Ireland and the U.K Central Bank (lender of last resort) are guarantors to the U.K debt. Our taxes pay back the central debt, we are all on the hook for this debt no matter where you are from in the U.K. Scotland will need to pay back its population share of this debt, we are one kingdom with one shared debt spread across the whole U.K.
You're forgetting that Scotland belongs to a union which functions as one entity on the world stage and is not based on your analysis. Ultimately it's how other countries and banks view the debt situation with independence. Sorry.
@@robertgalloway3771 Scotland belongs to a union. WTF? It is a member of a union, ergo, it belongs to a union. FS. No one said anything about Scotland being owned by Westminster. All you SNP are kin' crazy.
Of course, this is a very simplistic interpretation of things. The likely scenario would be very different. Scotland's current budget deficit over 10 years is set to amount to £140 billion. North Sea oil, instead of providing a revenue stream, is actually costing the UK exchequer around £1 billion a year due to decommissioning tax offset and future move away from carbon. Then there's the potential cost of Scotland's export tariff to the rest of the UK, Scotland's biggest market. How many £billions would that cost? How many jobs would be lost following the closure of UK military bases and HMRC offices in Scotland? Not to mention the £45 billion bill for Royal Bank of Scotland if it's to stay in Edinburgh. Then you should consider whether the new Scottish currency, with all of this in mind, would be hard or soft in equivalence to GBP, and how affordable a soft currency would make Scotland's large GBP denominated mortgage debt, and at what Scottish central bank interest rate? Oh, and, as a footnote, what would be the cost of a visa for working 'down south' 🤔
I don't know how much it costs to set up an independent country, I'm not an economist. I am a pragmatist however, I would guess it would take several decades to claw your money back. is it worth the effort?
So Scotland walks away and pays nothing, then what? Who will lend Scotland a bean? The reason the BoE said the rUK would repay it was market confidence, through the referendum period.
@Callum.6666 A central bank has to borrow money from investors who will want assurances that you'll not just walk away from your debts AGAIN If you have your own new currency its value will be what the market will pay for it. If you decide you'll just print money to buy stuff - that's called devaluation. Great if you have none Scottish assets/income, bad if you want to buy anything from outwith Scotland.
This video makes it very clear that Scotland will have simply complied with the law, as such I see no issue whatsoever in terms of 'repetitional damage', or 'credit worthiness'. Any issues would surely only arise were Scotland to default of any 'legally due' debt?@@abzzeus
Who wll lend Scotland a bean? Anyone, Alister. Anyone. Because Scotland will simply be following the recognised legal process, something that lenders would welcome, not penalise. Try and pay attention to what is being explained. {And the reason BOE said it would be responsible was primarily to confirm that it would accept its legal liabilities to the watching world. That did provide some market stability on that basis.}
Alister Voltaire I believe the way most countries rack up their national debt is by saying, ‘We need X amount of money, we would usually print this in Y years, although we need it now, so we will print it now and we won’t print money for the next Y years’ although most countries continue to print money and that’s why their national debt stays Honestly, I don’t know if this is how it works, but I remember hearing it being explained like this once
@@abzzeus Scotland, as Richard clearly explains {in such simple terms that I'm surprised you are unable to grasp the concept} has no debt. OK? No matter how much you want to find any obstacle to stay with the Union. Take a big breath. Say it to yourself.... "Scotland HAS NO DEBT." There. Easy isn't it?
Asset countries are members of the continuing state, they do not vote and cannot be passed around. Scotland will be a new independant place who will have to start all over again
@@johnbinnie5697 yes i am english, it doesn't bother me at all if scotland wants to go it alone. These assets your talking about are actual countries that are not owned but that are a part of British territories abroad. If that was the case we would have sold scotland a long time ago
@@johnbinnie5697if oil off Scotland is Scottish, the channel tunnel off England is also Scottish. Riiiiight. Actually it's pretty much all French owned now.
@Redgren Grumbholdt Its the same as Jersey and Guernsey to the UK. The SNP will not be able to stop Isle of Skye or Orkney if they wish to go down that route of Independence from rest of Scotland. Blame Sturgeon !!
The oil revenue stated was not from "Scotish oil" it is from oil belonging the the UK. The UN has been very clear on this - Natural resources are jointly owed by the population of the country not that small area when the resource is found. Net effect is that Scotland is entitled to (about) 8% revenues stated not the 100%. The decision by UK government not repay debt is a political / economic choice. The debt belongs to the nation as a whole (by populatioon count). If iScotland takes the same choice as rUK that so be it, it does not give iScotland the right to walk away from the debt. I would doubt that any nation would lend to iScotland if they defaulted on their share of UK national debt. The distribution of assets and debts will be part of an overall independence agreement. The rUK will not be paying Scotland to leave with a share of assets and no share of debt. The exact amount is likey to be subject to a LOT of horse trading.
Been trying to explain this for the last week. These jocks refuse to listen to anything unless it comes out of Surgeons mouth. Most of the time it is coming out of her arse.
@@baldrickscunningplan6154 Lol, Scotland isn't an Independent country yet, so ofc the UN see's the OIL as belonging to the UK, but after Scotland leaves the UK and joins the UN, whats left of the UK will have no jurisdiction over Scotland's territory never mind trying to steal their Oil ^^
@@akoustixx Wrong. It is UK's Oil. It will remain with the continuing state. WTO rules are clear on this. Scotland will get a share of the revenue based on its population, which is approx 8%. Show me where there are currently border lines that Scotland has regarding the north sea. There aren't any.
HAHAHAHA what a load of tripe! If Scotland walked away from it's fair share of debt like that, no one is going to want to risk trading with them, not even the EU would be stupid enough to trade with a nation who performs like that... As for England owing Scotland money, what planet are you living on?
What don't you understand about Scotland not running a deficit? If you were married to a woman who racked up a million quid of personal credit card debt, yet you paid your share of the bills without going into debt yourself, why would you be liable to pay off half that debt?
@@Neilzo1 HA....I know from experience, if your wife in Scotland runs up a debt of a million quid, you automatically own half that debt, regardless of anything else, and she walks away with the proceeds. So don't try and BS me, I live in Scotland, and know how it works here.
@@madaddams well Madison, as you've been informed by the research from the person making the video - Scotland legally wouldn't need to pay an equivalent percentage of national debt, if any at all in the event of independence. Stop crying about it and just accept it - England/rUK is more of a burden on Scotland than vice versa
@@Neilzo1 As I pointed out previously, the whole idea of that person's interpretation of whatever they were looking at, is a load of crap. Even if it were true (which it isn't, because Westminster funds the Scottish economy, so can't possibly owe Scotland), if Scotland walk away from the UK in that manner, it would be suicide, because no other nation is going to risk dealing with a "country" that doesn't pay it' debts. Remember, Queen Sturgeon the Fish-face embarrassed herself and Scotland by begging the EU to stand by her, and they laughed; they want nothing to do with her and her delusional Scottish Nazi Party.
@@madaddams notes now yev just s showed yersel te be an angry yoon. Naebody listens te angry yoons...naebody wants te be like an angry yoon which is why you lot are now the VOCAL MINORITY hahaha....
Why would pensioners lose their state pension? Think about it: If you work your entire life in the UK and pay your contributions toward your state pension and then when you retire you decide to move to another country outside of the UK - you are still owed that state pension and it would still get paid to you regardless where you move to and that is the case in reality with people who have moved out of the UK since retiring - they have suddenly not stopped getting it. In an Independent Scotland the pension issue would leave two possible scenarios: 1. The UK Govt would continue to pay state pensions as they already do to people who have retired in other countries. 2. The central Reserve bank of Scotland (which would need to be set up) would buy the pension bonds from the UK Govt and Scotland would take over the pension payments themselves, which is the preferable option as it would allow them to give a better living standard pension than we currently have within the UK.
@@ericcooper1709 1. "Under the current devolution settlement the Scottish Parliament is not allowed to overspend and attempting to spend the exact amount contained in the budget carries a significant risk of breaching the Treasury’s budget cap." - it should be noted on this issue that if there is an overspend then Scotland has very limited borrowing powers with which to "cover" that overspend. 2. "Currently 32.4% of taxation collected in Scotland is in the form of taxes under the control of the Scottish parliament and 67.6% of all taxation collected in Scotland goes directly to the UK government in taxation that is a reserved matter of the UK parliament." 3. Given those facts as I pointed out earlier an INDEPENDENT Scotland would: a) not be paying ANY taxes to the UK Govt anymore which as point 2 above shows is an increase of 67.6% in taxes for Scotland, which already is a step in the right direction to increasing state pensions. b) As pointed out in my original comment IF an independent Scotland's own reserve bank (which an independent Scotland would need) was to buy back the pension bonds from the UK Govt then Scotland would gain full control of how high or low to make it. c) As mentioned in point one currently there is a budget cap on spending in Scotland on Scotland, and it is up to the UK Govt to raise or lower that cap anytime they want - so effectively we have not real control over our own money - this includes all the revenue generated from other areas like oil, wind power energy, water (just to name three) - the bulk of income generated from these in Scotland is controlled and goes directly to the treasury - which would no longer be the case in an Independent Scotland - which given all the facts (which is what they are from official sources like Governments own white papers) - then this is HOW an independent Scotland would be able to fund a higher state pension. Truthfully though, the man who owns this channel would be able to explain it far better than me.
@@johncarney9049 Why is it that no internationally recognised economics expert denies the Scottish deficit? why is it that Andrew Wilson former SNP Finance Minister and now Chairman of the Scottish Growth Commission told Andrew Neil that it would take an independent Scotland 10 years to reduce the deficit to a level that it could join the EU, why is it that Sturgeon has never denied the deficit, she just never says how she will reduce it as she knows it will frighten the voters. I love your simplistic approach to economics, Scotland will have an increase in taxes of 67%, are you aware that the money that goes to Westminster pays Scottish pensions and welfare payments (the highest in the UK) Scotland's share of the £37 billion defence bill (£3.75billion) for that it gets a world class armed forces, Norway a similar sized country to Scotland has a defence bill of £7.5 billion. it covers Scotland's share of national debt interest along with foreign aid (which Sturgeon has said she will continue) immigration, share of foreign embassy costs along with a myriad of smaller costs that will only be magnified as an independent country, unless your going to be another North Korea. As far as pensions go, you do realise that all pensions in the UK are paid out of the contributions of the current workforce, there is no pot of money, how are you going to increase the pensions with the current level of unemployment in Scotland and of course the loss of a further 11000 jobs guaranteed by the MOD as it switches armed forces procurement to England. Really don't think you have thought this through
Aren’t you the same guy that couldn’t back up these claims in front of a committee of independent financial professionals at Holyrood Rough estimates is what you stated when questioned
Just thinking out loud can Scotland afford to stay in the UK
I have a message for our partners down south, no matter how much you think we owe you, you're getting nothing.
Its a pity those partners down south didn't say the same to Scotland when the begging bowl was out over covid
That international law he refers to is Article 38 of the Treaty of Vienna. Always ask a unionist, when they are going on about economics, whether they've read that article. Watch their face drop
Which treaty of Vienna are you on about the 1850 one? that was meant to suppress the French, whichever one it is has no relevance today, unless you can explain otherwise
@@ericcooper1709 Wut? No, get a grip. You're another plank that doesnt listen nor exhibit the faintest capacity at any attempt to understand.
Vienna convention on the Law of Treaties 1969.
Scotland will leave the UK under international law, not what the ignorant believe. Anyway it is all laid out in the video and also elsewhere out in the greater world. You and your ilk are in for a shock as your carefully engineered and constructed belief systems implode.
@@fuzzle9392 As the British were the main protagonist in drafting the treaty and the main purpose of the treaty is to ensure that countries abide by the rules of the treaty they have signed, good luck with that one.
@@ericcooper1709 you really are not getting it are you. Scotland can and will leave the union that created Great Britain and it will be done under international law where Scotland will have no legal obligations as a "third country" to take any of the UK debt. That is the simple truth and you should really make some attempt to understand what is being said in the video because he is correct.
Also there was no "British" when the treaty of union was being written up. Britain didnt exist until signed by the Parliament of Scotland and the Parliament of England back in 1707. Britain and the British only came into existence after the union of the parliaments set up at Westminster.
The treaty of union has already been broken by England.
@@fuzzle9392 I think that the only person not getting it is you, you would have to take the rest of the UK to international court for starters and before you could do that you would have to have some sort of mandate and merely turning up and saying we have conducted 6 polls in a row of 1200 people and they say they want to leave the Union wouldn't be good enough.
And if you want answers to constitutional matters ask an expert not Richard Murphy, If you want to see how much credibility he has go on to CZcams and put in Richard Murphy at holyrood, he appeared before the finance committee and was asked how much difference could he make to the GERS figures, his reply was "about1%," he was then asked which other country uses your accountancy methods, his reply "none".
The guy makes a living out of CZcams and saps like you fall for it.
Why is there not more experienced economic officials explaining this properly. Rather than SNP economic propaganda this man is not raising his voice or aggressively waving flags in your face. Just the facts I hope many of the electorate watch this in Scotland as this can be complicated.
So we English pay Scotland £25bn to go away.
I'll take that deal.
Just make sure it's in Scottish notes please
@@jamesduncan4286 new cartridges just installed, so I'll print some off now.
@P Heart, you've had enough of Scotland's resources, now off you f@@k
@@birnadubh3778 it's you that's going. The rest of us will wave you off 👋👋
@@chairmakerPete
If Scotland leaves there is no UK.
Wow, I did not realise you had a CZcams until someone posted this on r/Scotland, subscribed.
I have been following your blog posts for years, they have most definately enlightened me to the whole government finance and debts side of things as well as clearly debunking GERS as unreliable data produced by UKGov.
Thank you for all you publish on these various topics, I really do appreciate it.
THIS IS EXACTLY WHAT THE SCOTS NEED TO PUMP OUT EVEY SINGLE TIME ANY UNIONIST QUOTES “GERS FIGURES”
We cannot allow so-called political experts QUOTE, DEMEAN SCOTLANDS ASSETS
AND HOW WE WILL SURVIVE WITHOUT ENGLISH WEALTH
If you want to see how much credibility he has go on to CZcams and put in Richard Murphy at holyrood, he appeared before the finance committee and was asked how much difference could he make to the GERS figures, his reply was "about1%," he was then asked which other country uses your accountancy methods, his reply "none".
@@ericcooper1709 keep on clutching at those straws mate.
@@fuzzle9392 Hard facts don't sit too well with you do they!
@@ericcooper1709 How interesting. Watch.
How can a country that isn't allowed to borrow money accrue debt?
Although,if your absolutely hell bent of debts being repaid, we will be happy to calculate how much money Westminster has stolen from Scotland and get a bill prepared.
Because its entire infrastructure is paid for by other parts of the UK on its behalf.
@@grahamo22 Scotland pays far more than it's fair share into the UK. If we didn't do you honestly think David Cameron would have literally begged us not to go? Tories only love money, if they thought Scotland was a drain they would cut us loose in an instant. Use your head and look through the propaganda.
@@grahamo22 and if we are talking about countries getting infrastructure paid for on their behalf, why don't we discuss the HS2 rail link? You know the one I mean, the one Scotland has contributed 2 billion pounds to and not one inch of track will be laid in Scotland.
@@adamidas359 What about the millions of miles of roads in Scotland that the English do not pay for or use ?
And it’s completely made up nonsense to say Scotland is paying for HS2. You just guessed a number and a whole lot of incorrect assumptions and assumed you paid for it. You did not so stop being a. Four year old.
@@adamidas359 That's why the rest of the UK has pumped £9.5 billion into Scotland to keep you functioning, that's not propaganda.
Irelands debt was cancelled when it left - Precedent . Also will England have to repay all the money from Scottish oil?
I should hope so, grand theft robbery1
Great analysis and explanation. We have heard of other nations that became independent from the UK that became crippled with debt. So my question is that those countries were they tricked into assuming a disproportionate amount of debt in the negotiations surrounding their independence or did the debts arise by say, economic management after independence. I read that part of the problem was that they took the colonial administration debt upon them after the splitting. It is something we have to be very careful with when trying to deal with perfidious Albion. I am totally 100% independence, and totally believe that Scotland would run a surplus most of the time. I cannot believe that England are wanting to keep us around, if we a drain on the national purse (something they always said to previous colonies as well)
Don't be too hasty wee wans. Now the UK are free to trade wherever....the world is our oyster. You are very likely to miss out. See, a union means the flow goes both ways. Give it a couple of years.
@@dontalkt2meboutheros
As an EU member the UK was free to trade with the whole world. So what UK products will the world want to buy this week that they didn't want to buy last week?
@@theother1281 OK. So, in that context, the government don't really need to go out looking for new trade deals...yet they are. Why is that?
@@dontalkt2meboutheros
To replace those lost by leaving the EU and to maintain the pretense that Brexit created trade opportunities.
@@theother1281 No, the reason they are making new trade deals is to replace the deals they once had with China. China, the EU's new trading partner. *shakes head* It's not all about you.The CCP and the SNP, I must admit they sound like they'd be good bedfellows.
Thanks so much, Richard - appreciate you taking the time to educate!
Pamel who is he? who is Richard J Murphy?? why haven't we heard of him before? can we believe him?
@@pjmoseley243
I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years.
As to who he is, I think it's up to you to discover that for yourself
@@pjmoseley243 Many of us have heard of him before. If you doubt him, his credentials are easy to establish as he is indeed an expert in his field.
@@pamelamorrison4086 Pamela, I am always reminded about experts, they once told the world the sun revolved around the earth, that the earth was flat, that god created the earth in 7 days, new experts are surfacing every day, have any of his expert theories ever been tested?
@@pjmoseley243 The proof of his knowledge is clearly in the factual delivery of the pointd he has made where, where no one has challenged those details.
They cannot.
I think England should kick Scotland out of union
I endorse this, I mean Scotland is such a leech but little england fight to hard to keep her, strange no?
Thank you for your insight and expertise.
SCOTLAND JUST WALKS AWAY!
Possibly, and no financial institutions would ever lend them capital again.
@@starsailor49 ha ha ha. It's not Scotland's debt. Scotland didn't incur it, Westminster did, and it wasn't spent in, on, or even for Scotland. Didn't hear any complaints about the £350 billion of North Sea oil revenues spent on London and the south east, while Scotland got nothing
They're in the sea. Wouldn't they have to float away?
@@el5isontour337 and the foreign sovereign assets.
"we hold all the cards" where have I heard that before
Wonderful video. Highly informative. Easy to understand. Thank you.
Although the UK is an union of nations, the system of government remains unitary. Means that all powers are centralised at the same spot. If Britain was a federation like the US per say, the powers would equally be shared between Holyrood (local gov) and Westminster (central government) or a confederation like Switzerland, in this case Scotland would be independently ruling itself yet still uniting under the British flag. In both cases, Scotland would have its own independent bank in a federal government, so it could run a debt. But that's not the case, Scotland is under devolution, means it has to beg to unlock funds from down south (funny since Scotland's oil comes from the north).
Another thing is, since England would owe us it's an opportunity (pardon for it sounds utopic) to expand Scotland's land mass: since the news they're being fed in the south are like "the Jocks are a burden", then also some celebrities like Jeremy Clarkson states that "should be Jock leave fine I'll stand on Hadrian's wall shouting at them KEEP YOUR BAGPIPES AND KILTS AND TARTANS OUT!", Well, it makes the English think that Hadrian's wall is the actual Anglo-Scottish border. Fair enough, after all it'd extend the Scottish land mass with 5000km+, then North Newcastle would be Scottish (mind on a poll from two years back 55% of Newcastle wanted to join an independent Scotland 🤷) and the Scottish ministry of defence could use a potential former RAF Boulmer as a future Scottish Air Force base. There are many examples like that.
I guess this would be a nice payback 😏
Hi Richard, I have read some social comments recently, that some but not all of Scotland Trading is not included in the GERS STATS
IS THIS CORRECT ARE THERE MONETARY TRADING NOT BEING COUTED AS SCOTTISH
@Fletch Gaming Absolute rubbish, the source of any goods depends on where the invoice is raised, Dewar's whisky sent down to Kent for embarkation to France does not count as an English export.
That is like saying that goods sent to Italy via France from Scotland are French exports, get real.
@@ericcooper1709
So London based companies raising invoices in London for Scottish produced goods and services makes them English exports. While the Scottish subsidiary raises a company internal invoice to head office. So you agree the figures are distorted to suppress Scottish export figures and make Scotland appear more dependent on England as a market.
Also any Scottish components build into assemblies in England and then exported are counted as English exports.
@@theother1281 Do you have any understanding of how business work? let's take the Scottish whisky industry, this is 75% owned by non Scottish companies Diageo and Pernod Ricard are you seriously suggesting that they should invoice everyone from Scotland despite their head offices being in London and France, if you are you are seriously deranged and even more deranged if you think that independence is going to change this.
@@ericcooper1709
Not saying they need to but they will need to register the sales with the Scottish exchequer and raise export documentation from Scotland. So the tax and balance of payment benefits will accrue to Scotland.
@@theother1281 What export tax are you referring to on Whisky, there is no export tax!
whytepaper.wordpress.com/2015/08/25/meme-busting-whisky-and-the-non-existent-export-duty/
Richard, come and live in Scotland! You'll get a warm welcome.
@BreatheScotland 🤦 prove it... You believe the fabricated NONSENSE from the better together campaign
@BreatheScotland 🤣🤣🤣 the funniest thing about an independent Scotland's economy is that nobody knows why it'll be like buy we all know one thing, in the UK Scotland is POORER and has one of the three worst deficits in Europe... The other two being worse and they are Wales and Northern Ireland, sensing a pattern? So you economic plan for Scotland in the UK is to basically scrounge our way through life... Am I getting that right
Question re Scottish independence: Would you agree that a good strategy for Scottish independence would be to have a sovereign currency whilst applying to join EFTA?
Yep
I propose you float the idea now for Scotlands new currency have a competition, I favour the currency is called the JOCK, you could have 100 Haggis to a JOCK, it would be unique to Scotland, what do you think? or the " DRAM" and 100 chasers would = 1 X DRAM🧾( hope you have a sense of humour)
and where would the assets come from to fill a central bank?
Every jocknote printed would needs assets such as gold to guarantee the validity of your promissory notes.
@@baldrickscunningplan6154Are you living a century or so ago?
We came off the gold standard in 1933.
@@johnbinnie5697 Clearly you don't know what the gold standard is. There is a difference between linking the value of paper money to the value of Gold. (Gold standard)
and having the reserves in Gold to validate your paper money which is only a promise note. Idiot.
Wales doesn't have a devisit we have no debt so independence for Wales
Very impressive. Now subscribed and amazed.
Thank you so very much for this, really.
Alot of well made points. Food for thought.
Thanks Richard, this has cleared up many questions i had. Im not a financial analyst so could not make sense of the fact Scotland has a gdp of 153bn pounds but is only given 33bn or so by Westminster. And they then have the audacity to say through GERS figures that we are subsidised by them....60-70 bn of public spending sounds right and independence may be the only way to rightfully get it. The Economics are clear here, also that a Socialist democracy and not a Conservative capatilist democracy is showing by examples all over the world a better path to take, which Scotland is aiming for.
GERS figures come from ScotGov.
@@Alan_Mac so right, people watch this trash on you tube and believe it
fraserofallander.org/gers-guide/
@@ericcooper1709 The ScotNats thrive on ignorance and grievance, mate.
@@Alan_Mac No they don't Alan. They're provided by the Treasury and 99% are guesstimates
What has GDP got to do with the amount of tax raised by the Scottish government to pay it's way
who is Richard J Murphy?? why haven't we heard of him before?
@pj moseley
I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years.
As to who he is, I think it's up to you to discover that for yourself
What do you mean we, you mean you and not us, but maybe them lol
@@portorico2319 I dont know what I mean, I just have a laugh with my stupid comments Porto lol 😜😎👍 it can be all to serious in here lol
He is a supporter of Scottish independence and has a bias towards Economic viability after independence, Caveat emptor.
Is there a recognised international term as to how far back the debt calculation goes back? The only reason I ask is generally people start the conversation in 1970 and that was when the North Sea oil fields opened up. But what happened historically before oil ? I don’t know answer - I’m only asking. Is it 50 years or is the date convenient? This argument does make the independence argument based on deficits and debt burden look compelling.
In 1707 Scotland had no national debt but England had. The myth that Scotland was bankrupt is just that - myth. It was the landed gentry who had invested in the Darien Scheme who were bankrupt as they had been prior to the Darien Scheme. To this day the landed gentry live with inherited debt as they have done for centuries. The Queen Mother had an overdraft of £2 million when she died and her daughter paid it off with tax-payers' money.
Thanks for your reply. I am not sure anyone expects to go back that far lol.
@@stephenjenkins1323 Indeed, I smiled at it too as I typed.
@@JamesBrown-mt5ru Oh course it's a myth that Scotland bankrupted itself and needed paying out ...
Great video and clear explanation. Perhaps you can do a companion video on assets?
Good to see a reasoned argument on the Scottish economy for once.
Share this every day.
And what did David Cameron and George Osborne have to say about it? czcams.com/video/RG-66247-ic/video.html
Thank you
The Anglo-Irish Treaty is the relevant thing here.
The Irish Free State assumed NO PART of the UK's debt after independence...
Scotland is legally barred from issuing or incurring debt. In strict legal terms, Scotland has NO debt, because it CANNOT have any.
EDIT; I have checked, and the Irish Free State(IFS) did assume some part of British debt, mainly to do with military pensions.
None of this had been paid by the time the Boundary commission was convened in 1924.
The governments of Northern Ireland(NI), the IFS and the UK were so annoyed by the Boundary Commission's report that they agreed to suppress the whole thing, leave the border where it remains to this day, and the UK government agreed to never request payment of any money from Ireland.
Actually, that still left the Land Annuites, but they were cancelled after De Valera agreed to end the 'Economic War' with the UK. Under that agreement, the Land Annuities ceased, and the Treaty Ports reverted to the IFS...
That is factually incorrect the Irish republic agreed to give the Northern Irish the borders it desired in return for the UK dropping any debt claims
@@ericcooper1709
Your attempt to rewrite history is amusing.
The Republic of Ireland did not come into existence until 1949.
The Irish Free State(IFS) had assumed some responsibility for British Imperial debt, mainly war pensions, when the Anglo-Irish Treaty was signed, in 1921. NONE of that money had been paid by 1925...
The issue of the border was not dealt with until after the Boundary Commission was convened in 1924. It issued its report in 1925, and the three governments(Northern Ireland[NI], IFS and UK) were so unhappy that they decided to suppress it.
So, the report was suppressed, and the border stayed where it still is today...
As a sweetener, the UK government agreed that it would never demand any money from the Irish government as specified in the treaty...
NI did NOT get "...the borders it desired..."
To be fair, neither did the IFS...
On the other hand, the IFS saw its Debt/GDP ratio collapse from 90% to 10%...
None ! Its their mismanagement , we won't be a part of the Uk , given that we have only been getting eight % of Scotlands own assets. We should be suing them.
Great arguments. I would add, what if they consider 'loss of earnings'. What I mean is the investments that Scotland could have made with their oil revenue have been lost through its squandering by the UK gov and shareholder gain. An example would be in Norway's sovereign wealth fund, which is currently £1,276 billion.
Scotland doesn't have a debt as legally Scotland doesn't have full legal power to borrow
@@richierich1835 as a country Scotland has no debt the uk government claim its on our behalf but you can never trust a tory and its a legal fact Scotland has no debt as it does not have the legal power to borrow when we become independent the debt that remains with the uk gov
@@richierich1835 of course the little mind that thinks Scotland has no money or an economy and under legal law Scotland is a country you twat
A debt occurs when you spend more money than you raise in taxes, for example £63 billion raised in Scotland in taxes, SNP spend £75 billion ergo £12 billion debt, simples.,
@@ericcooper1709 actually thats not true as scotland raises £63 billion thru the block grant scotland gets back of its own money £30 billion which equals as a £33 billion surplus
@@kablegames2446 You really need to do some research,you have no idea what you are talking about. The pot of money used in the calculations is the amount Scotland raises in taxes, the £34 billion given to Scotland is the amount calculated to cover the devolved matters run by the Scottish Gov, the balance is used to cover non devolved matters like Scottish Pensions and Welfare payments, a portion of defence costs etc and as Scotland has more per head paid out on welfare payments than any other part of the UK that amount is significant
Oh and as for any assets.......they can have the Subs and all the crap from Coulport, Deliver it to The houses of muppets...sorry parliament lol. Frrreeeedddddoooooommmmm 🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
Do they also take the 11000 Scottish jobs guaranteed by the MOD?
@@ericcooper1709 Oh.... Funny how you never mentioned the 1000’s of Clyde ship yard workers or the miners that the english gov threw on the dole queue??? Frrrrrreeeeeeeeeeeddddddddooooooooommmmmmmmmmm🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
@@bigaldo246 So sorry, we really need all that coal now!!!! and as far as shipyard jobs go Sturgeon has already ploughed £45 million illegally into the Ferguson Boat Yard just before it went bankrupt and then to save the jobs she Nationalised the yard at a cost of around £400 million, something she could not have done as a member of the EU.
So you have your leader of choice for as long as you can afford her
@@ericcooper1709 lol...lol...lol now I know who I’m txting Bojo? Pmsl Ya Plonker🤡🤡🤡🤡🤡🤡🤡🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴Freeeeeedooooooooooom
@@bigaldo246 Sorry I don't understand gibberish
Does northern Ireland want to continue in the contining state the abuser state. About 181 countries being assaulted maybe the world should look for reparations against this obnoxious one.
Well, I would be curious to see an aapraial of where Wales would stand if it left the UK.
800 years is a long time! GROUND RENT!
brilliant insight - volume a bit low
If you are all so certain of our DRAG on the UK. why is it that your leaders shite themselves, when the polls say, we want to leave. Can I have a coherent answer to that??
It is the opposite most of the British establishments want Scotland to go and so do a lot of English people. I| myself are completely fed up with it all. Sturgeon et al does not want independence they want power. The fact bojo is speaking to England rather than the UK is a case in point. The SNP said in 2014 no new ref for generation, but they use the threat of a second ref and it's getting tiresome. London is calling Sturgeon's bluff.
Imagine you're a lodger. You're paying some rent, but not half the full cost of the mortgage etc. Heating the house still takes the same money whether you're a lodger or not. Thus you being there reduces the homeowners heating bill.
The idea of being a drag is brought up in response by those who see that Scotland raises £800 per capita in tax and claim Scotland subsidies England whilst willfully forgetting that public spending is £2000 per capita higher in Scotland. Thus as part of the Union Scotland gets £1200 per capita more they it contributes.
By breaking up both will be poorer. Just Scotland is likely to be more adversely affected. Using the Lodger example, if the lodger moved out, the lodger now has to find a place and pay all the bills, which means more expense for a lower standard of living.
Now if that lodger was your brother/sister/mother/daughter / father /son, you'd feel they were making the wrong decision?
@@abzzeus methinks, your figures are skewed, tell me why, around 30 billion goes adrift every year, or maybe that is the ( INTEREST) we owe England, is it?
@@alistairewen9558 oh I don't know, maybe it's the pensions or the job seekers or housing benefit or the armed forces or the border protection or HMRC or the foreign aid / EU contribution / diplomatic service, or VOSA/DVLA or UK wide regulators for energy, telecoms, pension, finance? Perhaps if you start adding this plus others I've forgotten, you'll get the figure
Anything not devolved, Scotland still has to pay for. It's like renting doesn't equal the mortgage, maintenance plus wear and tear, insurance, etc all are factored in
@@abzzeus and you think England is responsible for all mentioned? You. England, didn't mind taking all of OUR natural rsourses when the going was good, did ye.
Except for the fact even with huge amounts of money they are given at the moment they still make it through lol
WE in SCOTLAND survive with mitigation, even though it is our own money, Daddy WESTMINSTER decides our pocket money allowance, GENEROUS or WHAT??
Thank you Richard for your clear and truthful information. I wish there were more people like you providing genuine, true analysis and information for everyone in the UK not just us up here in Scotland. Much appreciated
@BreatheScotland oh boy you are watery, you must be Al'ba
Give it ten or so years and when their lakes and rivers run dry they’ll be on their knees grovelling for some pipelines of water. They stole our whisky and oil and they ain’t getting their hands on our water. Freeeeedddoooommmm 🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
Michael🤡.if only you could have read what I typed......I said “Give it ten or so years” at no point did I say we have pipelines running down south at this present time. Freeeeeedoooooooommmmmmmm🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
Its our water cos we said it is.
Beetlejuice 01....I’m gonna pee in it.......and if you still insist it’s yours I’m gonna 💩💩💩💩💩💩in it. Just blame the colour on the peat. Pmsl
@Michael Jefferson there is a mad story about pumping water over the borders hills to London.
Why you would do that instead of getting water from west England or Wales suggests they dont know it rains like Dunoon there.
julian shepherd when Scotland leaves the UK, NI will also leave! England will be devised into 3 states,provinces or whatever....there will be the Northshire, Westcountry and the south east(London shire) do you think as the country warms and water becomes more valuable than oil or gold that the North or Wales and especially the West Country is going to have pipes running to London? sewerage pipes maybe? Lol
I like the video. Speaking as a Scot with a strong leaning towards independence (enthusiasm for the SNP has, ah, taken a hit over the last few years to be fair e.g. the SNP being heavy handed with Covid restrictions even post vaccine, but tbh they're somehow probably still more enthusing than the Tories "vote for us and we'll machine gun people crossing the French Channel #GBGBGB" or Labour "let's completely knife the left of our party while we're on top!") it always felt likely that there'd be a fair bit of realpolitik/horsetrading when it came to a no share of assets, no share of debt argument at the last indyref. Trident in particular likely would have been a major chip on the table, perhaps giving a long, relaxed timetable for England to figure out where would be most amenable to dumping the nukes down south in the future.
"The Vienna Conventions.
Excellent Richard, thank you 👍
who is Richard J Murphy?? why haven't we heard of him before?
@@pjmoseley243
I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years.
As to who he is, I think it's up to you to discover that for yourself
The question I have is: What currency would Scotland use, and how complicated is it to create a new central bank?
Scotland should use the " tartan" I just thought of it. The tartan would be divided into 100 haggis. 100 haggis = 1 Tartan its simple. or you could use the " JOCK" that would be made up of 100 drams.
100 drams = 1 Jock. its so simple.
@@pjmoseley243 we will use the scottish pound, but our currency could be anything at all, it makes no difference to scotland but the pound has allways been its name, so why change it
@@portorico2319 the wee dram is a better name for a new scottish currency
www.reservebank.scot/ good bit of info here. I quite like the notes.
@@pjmoseley243 Nah, That can ae Irn Bru'll set you back only 2 Nicolas and 2 salmomds
SCOTLAND SHOULD HAVE ASSETS ...IF YOU REMBER THE STATEMENT FROM THE > BANK OF ENGLAND CHIEF SAYING SCOTLAND HAS >>NORTH OF A TRILLON POUNDS ..WHICH MENT >> 3 TRILLION
Nothing.
Excellent talk. I understand that the savings of the population are pretty vital to a fiat currency? If I have understood that correctly, would it be as interesting & helpful to others, as it would to me, to explain or clarify the process needed to transfer savings from ‘British’ institutions to say, Scots or Welsh? How difficult would that be? Is it a problem? I am sure Unionists will pick up on this issue at sometime and it would be helpful to have an understanding of possibilities here.
It would be done electronically, most likely overnight.
Let's calculate it from the other side. How much % of bailout Scottish banks received during the last crash?
Total bank bailouts cost £137 Billion which includes Lloyds/HBOS, RBS/NatWeast, Nothern Rock and funds pumped into the system to maintain liquidity. It's estimated the final cost after selling off Government shares etc. will be about £27 Billion. Those Scottish banks as you say, who just happen to service more customers in the rest of the UK than Scotland, were kept afloat to prevent even more damage to the rest of the banking sector.
Seems like a lot of the maths'#, work on regarding many years and areas of finance as nothing to do with Scotland when it still received payment and was a part of the UK I cant see how that can be any common sense, this seems to be an argument on a wish list
Didn't you listen to the figures for the years from 1980-2014 ?
Yet oil revenues have gone to UK governments for 40+ years. Read the McCrone report, hidden for 30 years to prevent Scotland knowing the wealth UK government were taking from it whilst telling Scotland we were dependent on UK for survival. It certainly wasn't spent on Scotland
@@shirleybuchanan640 There is no such thing as the McCrone report, it was a memo left as a briefing paper to an incoming minister and the person who wrote was never a supporter of independence.
If it was agreed that Scotland could have their independence, all the UK government need to do is make one repayment towards the national debt prior to them leaving which in turn would then make Scotland liable for their share of that debt.
Keich
Calculations can be prepared with all sort of political perspectives being applied. You are applying one view and it is wholly likely that Unionist politicians would take a different position. The independence settlement in respect to debt would be subject to negotiation. International law would take into account past precedents. The break up of Czechoslovakia being the most recent and obvious example that would be relevant. In that particular case, national debt was split based on the population share. Since the Czech Republic had approximately twice the population of Slovakia, a 2:1 ratio was applied to moveable assets and liabilities. Fixed assets, such as government buildings or state-owned enterprises, went to the republic in which they were located. I see absolutely no reason why the same principles would not apply to to the separation of Scotland from the rest of the UK. Another powerful lesson to learn from the Czechoslovakian separation is the fall out related to currency. Like Scotland, the Slovak negotiators wanted a currency union or at least the continuation of the Czechoslovakian Crown. That wasn’t acceptable to the Czechs. The Slovak Republic was forced to establish its own central bank and currency. Immediately upon introduction of the Slovak Koruna there was a flight of capital from the Slovak Republic to the Czech Republic. The Slovak banks had a liquidity crisis and unemployment ballooned to more than 20%. Is that a potential trajectory for an independent Scotland?
Excellent, Richard - clear, to the point and scrupulously fair.
Absolutely fanciful. Why would Westminster agree to this if this was the stance?
@@danielbevan9024 Richard seems to think that Scotland can get out of certain years of UK debt increases, and in fact concludes the UK owes Scotland money. Hilarious! It's like inland counties saying they don't benefit from navy protection, so won't pay for defence.
Richard's the guy who whips out the calculator at the end of a group night out and declares he didn't have a starter and only a bit of wine...!
Debt accrued by the UK applies to all members - period. Scotland's share on exit will be chunky, that's for sure. They don't get to write off a few years' worth - that's not how unions work.
He's a joker peddling lies and misinformation to get some up-votes. Enjoy the videos, but purely at a comedy level.
Outstanding!!
What about pensions ?
According to the OCED, on Day 1 of Scottish independence, Scotland would be the 14th Richest Country in the world and England would be the 39th Richest Country in the world and Scotland within 20 years would be in the top 5 richest countries in the world and that was the respected OECD that said that in 2019, I always knew Scotland was richer than england.
That figure is badly distorted. It surmises that Oil revenue would belong to Scotland.
It does not.
It also surmises that trade from Scotland to the UK would remain the same.
It won't. There would be a border between us. Tariffs,customs,quotas would all have to be negotiated.
The biggest issue would be the rules on Scotland becoming a new state and the UK being the continuing state.
Everything would belong to the continuing state.
There is no legal route for Scotland to leave the union with anything.
@@baldrickscunningplan6154 Absolute Guff, the oil is in Scottish waters which mean's that they are Scottish, your fridge in your house, does not belong to me, it belongs to you as it's in your house, if Scotland has an independence referendum next year and wins, there is absolutely nothing Westminster can do to stop Scotland leaving the UK, remember the UK Union is a voluntery union.
@@cariza5 The oil revenue stated was not from "Scottish oil" it is from oil belonging the the UK. The UN has been very clear on this - Natural resources are jointly owed by the population of the country not that small area when the resource is found. Net effect is that Scotland is entitled to (about) 8% revenues stated not the 100%.
@@baldrickscunningplan6154 Scotland has more oil than engurlund.
@@baldrickscunningplan6154 LOL You're an idiot. Its Scotland's oil. Just as England has no ownership of Australian mines anymore in Australia. That is what happened when we became independent. It is in Scottish waters it will be Scotland's oil.
What about all UK financed infrastructure.
UK NHS investment
UK military
Royal Bank of Scotland
The list is endless
Scotland pays a share of defence, consulate, and any other shared services. Royal Bank of Scotland is not Scottish owned, it's owned by Natwest Group
None
I did my dissertation on this subject. As much as zero national debt inheritance seems nice. Would this then not mean that Scotland wouldn’t inherit net assets on a proportional basis as well such as value similar to population size for the Bank of England’s net worth
yep good point and that means no oil for them lol if there was any left
Yes. CommonWeal argue in their Starting a New Country that that is a good position to be in as it would let us start with a clean slate rather than taking over unsuitable or outdated assets.
If you look at the actual stats, Scottish GDP per capita after oil revenue is removed is roughly same as rUK. I support Scottish Independence but in a fiscally responsible way rather than what is mostly being proposed nowadays. We need to take our fair share of the debt (what that it is is debated in this video), this reason for this is for our country to attract both a desirable credit rating which affects government rate of borrowing and currency value of a Scottish currency. If Scotland is to flourish as an independent State, it will need to do so as a celtic tiger model and echo the likes of a Hong Kong/Singapore
Mulberry2000 geographic assets are allocated on basis of location. Non tangible assets are similar to debt so brought forward until usually a per head of population basis. So are debts however so if Scotland would either have to follow (according to this video), zero debt inheritance but they would also need to cover their own cost of central bank, military and current reserved issues establishment or inherit a very high per capita debt level. If I was first minister right now, I would probably try to negotiate between the two stances
@@TheGreggo95 Like a Hong Kong or Singapore? Christ - please no. Independence is an opportunity {had to resist saying 'once in a lifetime' there} to do things differently, not simply to repeat the mistakes of the past or race the UK into the kind of capitalist state it wants to transform itself into.
"New Oil & Gas Pipeline from Grangemouth to Brussels"
As long as they pay for the oil, no problem. England does not consider this as a Scottish resource. They just take it.
@@thefastandthedead1769 how does England just take it?
@@pjmoseley243 The money is taken straight to Westminster. It does not count as Scots. The money does not touch Scotland at all.
@@pjmoseley243 Because it all disappears south.
@@thefastandthedead1769 I can assure you theres loads of poor people down south who dont see any of this so called money. and the poor people extend all over this land. the best thing to do is live offgrid and fuck em all.✌ peace.
I’d happily pay to get rid of Sturgeon
How does QE cancel government debt?
Government borrows money then lends it to banks so the effect on national debt is net zero.
@@theother1281 cancelling debt and having zero effect on the national debt are not the same thing.
@@scurtumarian8725
Yes, but he didn't say the debt was cancelled; he said that QE cancels itself out in terms of net debt.
@@theother1281 qe is not connected in any way to national debt. Government does not borrow to do qe. Central banks to qe when they use money (newly created from thin air) to buy financial assets from banks in effect exchanging one asset for another. If that asset is government debt it s only an exchange between money and bonds of same value.
@@scurtumarian8725
Yes, so you agree that he was correct to refute the opinion of those who said 'QE should be included in any debt discussion'?
Who is this dipstick. I hope he's right, Scotland can then FO even quicker. I'm sick of them moaning about independence. Let them join their masters in the EU.
Solidarity from Wales
Thanks Richard. Many myths have been put to rest and I look forward with relish to hearing the usual suspects try and argue differently. Indy2 will not have the same errors as Indy1, forewarned is indeed forearmed.
who is Richard J Murphy?? why haven't we heard of him before? who is he??
@@pjmoseley243
I can't imagine why you or others haven't heard of Richard Murphy ... I've been following him for years.
As to who he is, I think it's up to you to discover that for yourself
@BrianMillar indeed 👍
That is European but is European correct of never heard you before
You said there's nothing England, Wales and Northern Ireland can do about it. I have a very good idea of what I'd like Wales to do.
Wales should become independent.
Legally Scotland doesn’t owe anything, you can’t get into debt when you are not allowed to borrow
Neither does England. So basically in the case of a YES vote. The Tories just need to rush through an English free state bill (they would have the majority to do so as well)
That way England would become the free state and the whole national debt would be instantly lumped onto the remaining UK (Scotland, Wales and NI) to squabble over. Bingo!
Of course it wouldn't happen because the whole argument that part of a state can slip away and become instantly debt free is total and utter bollocks.
I am enlisting for a Scotland independence army as it will get ugly
Scotland "might owe" but you didn't add that to your title tho? sounds about right.
So Shirley does english traders around the world only pay All Taxes To english head office only
No contributions to the country they are trading from!!!!!!!!!!!!!!
Where did I say that? Use your eyes and your brain together if possible
@@shirleybuchanan640 yeah robert, listen with your eyes and brain together!
Great explanation of our supposed debt to the UK
Except it’s fact, something SNP supporters do not comprehend.
@@starsailor49 It's you who doesn't comprehend Peter. You've presumably just watched a video from a tax expert yet still you deny it! SNP supporters are a great deal better educated on the Scottish/UK economy than you seem to be
Love the videos Richard......got them down south shaking in their gum boots pmsl Frrreeeeddddooooommmm,🏴🏴🏴🏴🏴🏴🏴🏴🏴🏴
pmsl. Carry on taking orders from the gum boot wearing south.
We know what them down south do in their wellies...🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑 pmsl 🏴🏴🏴🏴🏴🏴Freeeeedoooooommmm
@@bigaldo246 We fill em full of your Whisky and Oil.
We makes loads of cash by robbing you of your Oil,Whisky and Freeeeeeeeeeeedommmmmmmmmm. pmsl.
Well....when Scotland becomes a free country we will celebrate as england burns in the rubble of the riots which will happen( coz it always does) and as for us up here....the oil will be left where it is and we will have all our energy from wind, sea, sun(when it’s not raining) lol and hydro.....a vision of a beautiful country to come. Rule Britt....soz? Not allowed to sing that song anymore! The one mighty england...the ruler of so much....but all you will have is Wales, I feel sorry for them. Pmsl.
@@bigaldo246 You will need to get electricity first. I thought you Jocks were still shagging ginger women by candle light.
Still can't figure out why the men wear skirts either. Something seriously wrong with that.
Scotland has no debt as it doesn't borrow any money and once Scotland's share of all UK assets is included then England owes Scotland.
Your right Scotland doesn't borrow anything, what it does do is spend about 13 billion more than it raises in taxes and this what is funded by the Barnett formulae. Scotland will survive as an independent country however Scots will have to get used to paying far higher taxes to fund the current standard of living they enjoy, for instance the NHS costs 12 billion to run in Scotland, similar independent countries like Norway spend 7 billion on maintaining their armed forces. those two alone account for about 18% of what Scotland raises in taxes
@@ericcooper1709 The Barnett Formula is Scotland's own money coming back. Government statistics going back to 1900 show that every year Scotland has contributed more to the Treasury than it receives. In the 20 years from 1999 to 2018 Scotland contributed (not counting oil revenues) £895,240,000,000 and received back £511,499,799,000 (Barnett Formula) leaving £383,740,201,000 at Westminster.
@@Dunsapie Why then does that not show in the last set of GERS and why when questioned about the deficit (particularly by Andrew Neil) has Sturgeon never denied the deficit ,she just struggles to explain how she will reduce it, mainly because she doesn't want to frighten the voters. GERS shows that last year Scotland raised £63 billion in taxes and spent £75 billion if these GERS figures are so wrong you can only blame the Scottish government as they compile them using Scottish accountants so why would they want to paint such a bleak picture that doesn't help their argument?
@Fletch Gaming A piece of fiction solely compiled and verified by the Scottish Government -
GERS is compiled by statisticians and economists in the Office of the Chief Economic Adviser of the Scottish Government. The Scottish Government's Chief Statistician takes responsibility for this publication. The latest publication of GERS, providing figures for financial year 2018-19, was published on 21 August 2019.
Government Expenditure and Revenue Scotland
@Fletch Gaming For god sake man go onto the Scottish Gov website they tell you that they are solely responsible for the figures and the Scottish Finance minister compiles them, you are in complete denial. Also read the Fraser of Allender overview, they can't all be telling lies just because it doesn't fit the independence argument
fraserofallander.org/gers-guide/
NOW DONT GET TETCHY ITVDOES NOT BECOME A LADY AS YOURSELF
There is already a formula for determining the split. It's called the Barnett Formula and has been used for years. Also, what happens if the islands break away from Scotland, taking their oil and fish with them?
The "split" will be done via international law, NOT the Barnett Formula. Consider the "Vienna Convention on the Law of Treaties". Scotland will not have to take any UK debt.
As for the Islands breaking away then they will find that they'll be pissing in their own cornflakes because their sea limit boundaries wont reach the oil fields which will still reside in what will still be recognised internationally as Scottish waters. I believe that the Islands will have 12 miles from their shores, so what oil will they be taking with them?
The problem with people such as yourself is that you continue to talk from a perspective of wilful ignorance.
@@fuzzle9392 the Barnett Formula has set a precedent for the split of finances. It is established already. Debts aren't treaties. Do a quick search on this topic and all you will find is a suspiciously similar worded blog as this video. I suspect one is a copy of the other.
You may have a point about the islands, but why would Scotland be any different? Surely the same rules apply when the islands split as when Scotland splits. Don't the seperatists want a split along the median line? Why wouldn't the islands get that too? Like I said, there might be a good reason that I don't know. To be fair to you, I have asked this question before and you are the first person that has answered.
In any case, it seems weird to do a simple population split when there is freedom of movement. The debt is on the land, not the people. If you don't like the Barnett Formula then why not just have a simple geographical split by landmass? Or maybe inculding the waters at a rate of say 1/5 of the equivalent land. Something fair can be worked out I am sure.
@@MeM_UK You obviously do not understand and are clutching at straws. The Barnett formula will have nothing to do with it when Scotland leaves the UK. It will all be done via international law including "The Vienna Convention on the Law of Treaties". Scotland will become a "third nation" which means that it will not have any obligation in taking any of the UK debt with it.
@@MeM_UK The islands argument is nothing more than a pointless red herring.
@@fuzzle9392 what has debt got to do with treaties? I don't mean to be rude, but you sound a bit like one of those "free man of the land" types who wants to apply admiralty law to driving without a licence. You didn't answer the point about why Scotland would get a median line split but the islands a 12m radius. Perhaps a projection of the average route of the border could be applied to England and Scotland with something similar for the islands. On the plus side, if you could incorporate the terriorial waters into the debt calculation then you could saddle the islands with a lot of your debt.
I would like if he would for him to address my points.
(1) Scotland would have interest ratings based on the lending market confidence in Scotland, which for Scotland would not be a lot until they have had time to see how and whether Scotland would pay off it’s loans and that would include a separate credit rating.
(2) Scotland doesn’t know what currency it is going to use and it there could be conversion differences
(3) Assets and liabilities go hand in hand and Scotland would not receive UK assets if they don’t pay liabilities.
(4) Scotland has more then just national debt, they also have obligations such as paying toward UK Pensions and UK Politicians wages, as well as other central areas where Scotland has benefitted as part of the union and would owe until the the date of independence
Totally true and let's not forget that the rest of the UK is Scotand's largest trading partner and that UK armed forces, and industries such as ship building, etc are all intertwined. Hence, leaving the UK would be political and economic suicide.
Francis Saunders,
The rest of the RUK accounts for 60% of Scotland.
The UK provide defence for Scotland
The shipyards are provided with lots of UK Government contracts which would no longer be there if Scotland went independent, as the UK keeps these kind of contracts within the UK and an independent Scotland would not qualify.
Scotland has a £1,000 dividend in the UK for every man, woman and child
Michael Bridges, what do you do for a living, I do hope your not in any kind of financial field cause you would have everybody broke within the week, stop passing on your unionist drivel and go and get educated about what is really going on in the so called United Kingdom
Porto Rico ,
My Information come from G.E.R.S, and other government sources, which are referenced by both the UK and Scottish Government.
Are you saying the UK and Scottish Governments, the politicians responsible for running the UK and Scotland are wrong?
www.reservebank.scot/ there are a good few answers to your questions here.
I quite like the design of the notes.
Scotland owes nothing it is it democratic right to have a referendum. If you are knowledgeable in economics then you will know that Scotland has propped up Westminster for decades with her Oil.
Garbage. Since 1999 there have only been two occasions where Scotlands revenue exceeds expenditure.
@@Plaw01 garbage, what are you reading The Daily Tory? Typical Westminster fake news
@@sandrider1406 No reality. You nats live in a bubble as imaginary as your 120$ for a barrel oil.
What a great find.. I have so many questions!!
1. What about dependency islands like Ascension, Falklands, Shetland etc. Does Scotland get to keep a similar percentage or can be compensated for the loss
2. GERS payments how to deal with that.
3. The new sea boundary drawn up in 2014 for the referendum does Scotland get its old boundary back....
Spot on again Richard 👍
Richard, what about the UK National Assets on Scotland leaving the Union. It sits at £14 Trillion. Does that mean Scotland would be given 8.2%(based on a population ratio) ie £1.15 Trillion. I appreciate that some of these assets are fixed assets .
By the way, the debt (which is closer to £200 billion than your fiddled figures) would go onto an independent Scotland's balance sheet. It would be a debt to the Bank of England. That debt, which will quickly rocket due to massive overspending, will impact on Scotland's credit rating and ability to sell its bonds. As someone once said: you can't buck the markets.
How much does England owe to Scottish fighting your imperial Empire wars. More per head of population and that is the point of my post. After our English Nationalist Brexit, we are now going to Jog on. So 'we' in 'our country' will "Jog on" quote BBC live interview. Bye
Absolutely right, an SNP Scotland would not have fought against Natzi Germany, they were too busy trying to buy guns from Ireland to start an uprising should Germany invade so that they could help them out, let's face it you are just about as low as any political party can get
@@ericcooper1709 Fine, let us go then! You bleat on about how much Scotland costs England when you hold on to your rule over us for over 300 years and no doubt you will use Covid-19 as an excuse to cancel the May local elections in Northern Ireland, Wales and Scotland for you unionists will never let go of the rest of the UK without a fight. Invoking no doubt Article 30 under the reserved powers of devolution to prevent a 2nd independence referendum in Scotland. Our country has had enough. We will not allow Brexit to make us 6% worse off than England and the most badly affected by Brexit member of the UK. That is not going to happen and the EU have all a new Independent again nation could ever wish for. You blew it England forcing your unpopular Brexit on Northern Ireland and Scotland. You were warned so now you will pay for this foolish act.
Dear Richard,
If you are right regarding debt that is positive! However, Scotland still has to earn a living so what do you think will happen to our trade with the UK common market? Currently, according to my SNP MP, it represents 73% of all Scotland's trade - that's a big number! If we lose that or part of it, Scotland will be in trouble? Sturgeon wants to apply to the EU for membership but that's only 12% of Scotland's trade - a small number and our chances of being accepted, is also very small! What about currency difficulties - don't you think the "Scottish pound " will be devalued?
I'll try and find the document but a lot of scottish trade that goes to the EU through England actually gets included in the English economy. I'll try and find it again and post a link.
Dont worry about poor wee scotland now, id worry about little england and it loosing its cash cow next year.
@@33m3c Dear M C - Could you explain your comment at the end of your sentence. What "cash cow" are you takling about?
The problem with the common market, like much of Westminsters accounting skills, is the choice of how to measure things.
One mentioned certain EU trade being counted as England, this is a bit of a half truth more muddied by business organisation.
But a lot of metrics are either added, excluded, or redefined to suit agenda on all things.
People are not "unemployed" unless claiming job seekers allowance. One way they fiddled this was excluding people on "workfare" which was essentially shoving people into a private sector job centre.
Same with GDP which George Osborn went on a spree desperate to add things to try and obscure a looming recession. Including things like sex work (which as a note, they are so serious about that they have next to no protections in law, but if it makes the figures look good).
Its actually really difficult to get answers because these practices are so commonly used.
I think you are looking at this from the wrong angle.
England and the GBP is going to increasingly be a drain on the Scottish purse.
Best to get out before things get any uglier.
England will continue to trade with Scotland regardless of the deal in place. It needs to. How else will it keep the lights on?
EEA membership would be pretty much immediate and may satisfy a broader spectrum of voters.
That’s easy absolute nothing
The UK owes Scotland.
It will be illegal for Scotland to pay any money. Scotland can't borrow money - only UK can. This would be like one person paying someone else's mortgage.
We are all guarantors to that debt, the taxpayers of England, Scotland, Wales and Northern Ireland and the U.K Central Bank (lender of last resort) are guarantors to the U.K debt.
Our taxes pay back the central debt, we are all on the hook for this debt no matter where you are from in the U.K.
Scotland will need to pay back its population share of this debt, we are one kingdom with one shared debt spread across the whole U.K.
:))
a hell a lot of mental gymnastics in these arguments.
You're forgetting that Scotland belongs to a union which functions as one entity on the world stage and is not based on your analysis. Ultimately it's how other countries and banks view the debt situation with independence. Sorry.
@RNM45 It's a union in all the right places.
It's a union to benefit England
@@shirleybuchanan640 Said the woman who lives in a country subsides by the rest of the UK
Scotland does NOT BELONG! It was a biased agreement,but Westminster illegally turned into Ownership,the usual means,a treaty,which is broken!
@@robertgalloway3771 Scotland belongs to a union. WTF? It is a member of a union, ergo, it belongs to a union. FS. No one said anything about Scotland being owned by Westminster. All you SNP are kin' crazy.
Of course, this is a very simplistic interpretation of things. The likely scenario would be very different. Scotland's current budget deficit over 10 years is set to amount to £140 billion. North Sea oil, instead of providing a revenue stream, is actually costing the UK exchequer around £1 billion a year due to decommissioning tax offset and future move away from carbon. Then there's the potential cost of Scotland's export tariff to the rest of the UK, Scotland's biggest market. How many £billions would that cost? How many jobs would be lost following the closure of UK military bases and HMRC offices in Scotland? Not to mention the £45 billion bill for Royal Bank of Scotland if it's to stay in Edinburgh. Then you should consider whether the new Scottish currency, with all of this in mind, would be hard or soft in equivalence to GBP, and how affordable a soft currency would make Scotland's large GBP denominated mortgage debt, and at what Scottish central bank interest rate? Oh, and, as a footnote, what would be the cost of a visa for working 'down south' 🤔
I don't know how much it costs to set up an independent country, I'm not an economist. I am a pragmatist however, I would guess it would take several decades to claw your money back. is it worth the effort?
So Scotland walks away and pays nothing, then what? Who will lend Scotland a bean?
The reason the BoE said the rUK would repay it was market confidence, through the referendum period.
@Callum.6666 A central bank has to borrow money from investors who will want assurances that you'll not just walk away from your debts AGAIN
If you have your own new currency its value will be what the market will pay for it.
If you decide you'll just print money to buy stuff - that's called devaluation. Great if you have none Scottish assets/income, bad if you want to buy anything from outwith Scotland.
This video makes it very clear that Scotland will have simply complied with the law, as such I see no issue whatsoever in terms of 'repetitional damage', or 'credit worthiness'.
Any issues would surely only arise were Scotland to default of any 'legally due' debt?@@abzzeus
Who wll lend Scotland a bean? Anyone, Alister. Anyone. Because Scotland will simply be following the recognised legal process, something that lenders would welcome, not penalise. Try and pay attention to what is being explained. {And the reason BOE said it would be responsible was primarily to confirm that it would accept its legal liabilities to the watching world. That did provide some market stability on that basis.}
Alister Voltaire I believe the way most countries rack up their national debt is by saying, ‘We need X amount of money, we would usually print this in Y years, although we need it now, so we will print it now and we won’t print money for the next Y years’ although most countries continue to print money and that’s why their national debt stays
Honestly, I don’t know if this is how it works, but I remember hearing it being explained like this once
@@abzzeus Scotland, as Richard clearly explains {in such simple terms that I'm surprised you are unable to grasp the concept} has no debt. OK? No matter how much you want to find any obstacle to stay with the Union.
Take a big breath. Say it to yourself.... "Scotland HAS NO DEBT." There. Easy isn't it?
What about the assets, Richard?
Asset countries are members of the continuing state, they do not vote and cannot be passed around. Scotland will be a new independant place who will have to start all over again
@@johnbinnie5697 yes i am english, it doesn't bother me at all if scotland wants to go it alone. These assets your talking about are actual countries that are not owned but that are a part of British territories abroad. If that was the case we would have sold scotland a long time ago
@@johnbinnie5697if oil off Scotland is Scottish, the channel tunnel off England is also Scottish. Riiiiight. Actually it's pretty much all French owned now.
@@chairmakerPete Scots taxpayers paid for it. Just like HS2. Oil infrastructure was payed for in most part by the oil companies.
@@johnbinnie5697 tell you what, the Scots can have the service tunnel, and the French investors can have the running tunnels 👋
how much money do they get per person from the UK per year I THINK THERE IS MORE GOING NORTH THAN SOUTH.
You "THINK", proof please.
Wait until the Isle of Skye seek independence.
@Redgren Grumbholdt Its the same as Jersey and Guernsey to the UK. The SNP will not be able to stop Isle of Skye or Orkney if they wish to go down that route of Independence from rest of Scotland. Blame Sturgeon !!
Oh look, a flight of fancy. Tell me, at which table in which pub can I find the Skye independence movement?
The oil revenue stated was not from "Scotish oil" it is from oil belonging the the UK. The UN has been very clear on this - Natural resources are jointly owed by the population of the country not that small area when the resource is found. Net effect is that Scotland is entitled to (about) 8% revenues stated not the 100%.
The decision by UK government not repay debt is a political / economic choice. The debt belongs to the nation as a whole (by populatioon count). If iScotland takes the same choice as rUK that so be it, it does not give iScotland the right to walk away from the debt. I would doubt that any nation would lend to iScotland if they defaulted on their share of UK national debt.
The distribution of assets and debts will be part of an overall independence agreement. The rUK will not be paying Scotland to leave with a share of assets and no share of debt. The exact amount is likey to be subject to a LOT of horse trading.
Been trying to explain this for the last week. These jocks refuse to listen to anything unless it comes out of Surgeons mouth. Most of the time it is coming out of her arse.
@@baldrickscunningplan6154 Lol, Scotland isn't an Independent country yet, so ofc the UN see's the OIL as belonging to the UK, but after Scotland leaves the UK and joins the UN, whats left of the UK will have no jurisdiction over Scotland's territory never mind trying to steal their Oil ^^
@@akoustixx Its not Scotlands Oil to steal. It belongs to the UK.
@@baldrickscunningplan6154 In the present tense yes, but not when Scotland's independent ^^
@@akoustixx Wrong. It is UK's Oil. It will remain with the continuing state. WTO rules are clear on this. Scotland will get a share of the revenue based on its population, which is approx 8%.
Show me where there are currently border lines that Scotland has regarding the north sea. There aren't any.
HAHAHAHA what a load of tripe!
If Scotland walked away from it's fair share of debt like that, no one is going to want to risk trading with them, not even the EU would be stupid enough to trade with a nation who performs like that...
As for England owing Scotland money, what planet are you living on?
What don't you understand about Scotland not running a deficit? If you were married to a woman who racked up a million quid of personal credit card debt, yet you paid your share of the bills without going into debt yourself, why would you be liable to pay off half that debt?
@@Neilzo1 HA....I know from experience, if your wife in Scotland runs up a debt of a million quid, you automatically own half that debt, regardless of anything else, and she walks away with the proceeds. So don't try and BS me, I live in Scotland, and know how it works here.
@@madaddams well Madison, as you've been informed by the research from the person making the video - Scotland legally wouldn't need to pay an equivalent percentage of national debt, if any at all in the event of independence. Stop crying about it and just accept it - England/rUK is more of a burden on Scotland than vice versa
@@Neilzo1 As I pointed out previously, the whole idea of that person's interpretation of whatever they were looking at, is a load of crap.
Even if it were true (which it isn't, because Westminster funds the Scottish economy, so can't possibly owe Scotland), if Scotland walk away from the UK in that manner, it would be suicide, because no other nation is going to risk dealing with a "country" that doesn't pay it' debts.
Remember, Queen Sturgeon the Fish-face embarrassed herself and Scotland by begging the EU to stand by her, and they laughed; they want nothing to do with her and her delusional Scottish Nazi Party.
@@madaddams notes now yev just s showed yersel te be an angry yoon. Naebody listens te angry yoons...naebody wants te be like an angry yoon which is why you lot are now the VOCAL MINORITY hahaha....
What about deficit spending by the snp will that not threaten us plus the pensioners may loose their state pension let alone trade issues.
Why would pensioners lose their state pension? Think about it: If you work your entire life in the UK and pay your contributions toward your state pension and then when you retire you decide to move to another country outside of the UK - you are still owed that state pension and it would still get paid to you regardless where you move to and that is the case in reality with people who have moved out of the UK since retiring - they have suddenly not stopped getting it. In an Independent Scotland the pension issue would leave two possible scenarios:
1. The UK Govt would continue to pay state pensions as they already do to people who have retired in other countries.
2. The central Reserve bank of Scotland (which would need to be set up) would buy the pension bonds from the UK Govt and Scotland would take over the pension payments themselves, which is the preferable option as it would allow them to give a better living standard pension than we currently have within the UK.
@@johncarney9049 As Scotland is already overspending the amount of tax it raises how are they going to fund a higher state pension?
@@ericcooper1709 1. "Under the current devolution settlement the Scottish Parliament is not allowed to overspend and attempting to spend the exact amount contained in the budget carries a significant risk of breaching the Treasury’s budget cap." - it should be noted on this issue that if there is an overspend then Scotland has very limited borrowing powers with which to "cover" that overspend.
2. "Currently 32.4% of taxation collected in Scotland is in the form of taxes under the control of the Scottish parliament and 67.6% of all taxation collected in Scotland goes directly to the UK government in taxation that is a reserved matter of the UK parliament."
3. Given those facts as I pointed out earlier an INDEPENDENT Scotland would:
a) not be paying ANY taxes to the UK Govt anymore which as point 2 above shows is an increase of 67.6% in taxes for Scotland, which already is a step in the right direction to increasing state pensions.
b) As pointed out in my original comment IF an independent Scotland's own reserve bank (which an independent Scotland would need) was to buy back the pension bonds from the UK Govt then Scotland would gain full control of how high or low to make it.
c) As mentioned in point one currently there is a budget cap on spending in Scotland on Scotland, and it is up to the UK Govt to raise or lower that cap anytime they want - so effectively we have not real control over our own money - this includes all the revenue generated from other areas like oil, wind power energy, water (just to name three) - the bulk of income generated from these in Scotland is controlled and goes directly to the treasury - which would no longer be the case in an Independent Scotland - which given all the facts (which is what they are from official sources like Governments own white papers) - then this is HOW an independent Scotland would be able to fund a higher state pension.
Truthfully though, the man who owns this channel would be able to explain it far better than me.
@@johncarney9049 Why is it that no internationally recognised economics expert denies the Scottish deficit? why is it that Andrew Wilson former SNP Finance Minister and now Chairman of the Scottish Growth Commission told Andrew Neil that it would take an independent Scotland 10 years to reduce the deficit to a level that it could join the EU, why is it that Sturgeon has never denied the deficit, she just never says how she will reduce it as she knows it will frighten the voters.
I love your simplistic approach to economics, Scotland will have an increase in taxes of 67%, are you aware that the money that goes to Westminster pays Scottish pensions and welfare payments (the highest in the UK) Scotland's share of the £37 billion defence bill (£3.75billion) for that it gets a world class armed forces, Norway a similar sized country to Scotland has a defence bill of £7.5 billion. it covers Scotland's share of national debt interest along with foreign aid (which Sturgeon has said she will continue) immigration, share of foreign embassy costs along with a myriad of smaller costs that will only be magnified as an independent country, unless your going to be another North Korea.
As far as pensions go, you do realise that all pensions in the UK are paid out of the contributions of the current workforce, there is no pot of money, how are you going to increase the pensions with the current level of unemployment in Scotland and of course the loss of a further 11000 jobs guaranteed by the MOD as it switches armed forces procurement to England.
Really don't think you have thought this through
@@ericcooper1709 OK cool you hate SNP and are anti Indy - cool - have a good day.
Aren’t you the same guy that couldn’t back up these claims in front of a committee of independent financial professionals at Holyrood
Rough estimates is what you stated when questioned