Osbourne says no to currency union.

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  • Osbourne says no to currency union.
  • konabunny
    Member

    BBC Scotland is facing an existential threat, of course it can’t be impartial about its own breakup

    what are you talking about? Scottish independence is a once in a lifetime nose in the trough opportunity for BBC Scotland employees! they’ll no longer be second tier parochials run from London/Salford, they’ll be at the centre of things – and think of all the new programming and busy work that will have to be done!

    konabunny
    Member

    BBC Scotland is facing an existential threat, of course it can’t be impartial about its own breakup

    what are you talking about? Scottish independence is a once in a lifetime nose in the trough opportunity for BBC Scotland employees! they’ll no longer be second tier parochials run from London/Salford, they’ll be at the centre of things – and think of all the new programming and busy work that will have to be done!

    Premier Icon amatuer
    Subscriber

    [So where are the policies from the other parties which show us what direction iS will take in the future, which solve all the problems of the SNP policies]

    In 2016, iScotland would go to the polls to vote for a government where three of the main parties don’t currently want the job. This being Scotland, we will end up with a Labour government before long, and Labour will do what they have done every time in UK government since WWII – massive spending spree, F*** it all up and put the country into massive debt.

    Both lies with the actual spending on private sector spending on NHS north of the border now clarified along with SNP policy to actively encourage private sector participation.

    So using private sector suppliers to cope with surge demand and limit waiting times therefore preventing unnecessary and prolonged suffering is a bad thing is it? Not in my book.

    Not in mine either. It is prevalent in the provisions of most public services and is not new.

    But suggesting that the use of private sector health services is (1) more of an issue in rUK than in Scotland, (2) is exclusive to Tories and (3) is not an existing element of SNP policies (use has doubled under Salmond) is a deceitful ploy at the core of the DO’s final play of his cards. The “we will protect the NHS from English/Tory policies” is a crock and an obvious one – even if the figures require some digging out. No surprise there…..

    It won’t be Westminster controlled Labour .

    Why, is CMD going to pull a victory out of the hat in 2015? 😉

    Imagine five years of a foreign Tory government setting your economic agenda! Is that what you votes for?

    Premier Icon epicyclo
    Subscriber

    teamhurtmore – Member
    “It won’t be Westminster controlled Labour .”
    Why, is CMD going to pull a victory out of the hat in 2015?

    Imagine five years of a foreign Tory government setting your economic agenda! Is that what you votes for?

    Eh? Incredible distortion field you have there.

    I’ll try to explain it more simply.

    After independence Scottish parties will be locally directed, not taking their instruction from another country.

    So the Scottish Labour party will not be toeing the Westminster imposed line of anti-independence.

    No, just an understanding of how currency unions or sterlingisation would work. Good job that the majority will vote NO (just), they obviously understand the reality.

    That’s it I’m voting No.

    [video]https://www.youtube.com/watch?v=no92Wq9lPIU[/video]

    Rather than shouting over the interviewee, Gordon should try to understand what a base rate is *. He would then look a little less silly. Still well used tactic to simply shout over the oppo – that’s the DOs tactic all along.

    * equally the guy could explain it better!!

    I’m not hearing any shouting in that video clip.

    But whatever is going on it’s probably a much better tactic than kicking women in the belly, smearing shit on door handles and arson attacks. Classy stuff by the No campaign. Haven’t seen it in the mainstream media though….

    oldnpastit
    Member

    After independence Scottish parties will be locally directed, not taking their instruction from another country.

    With the currency controlled from London, I don’t think that will be true.

    Grab a man by his balls, and the rest will surely follow….

    piemonster
    Member

    But whatever is going on it’s probably a much better tactic than kicking women in the belly, smearing shit on door handles and arson attacks. Classy stuff by the No campaign. Haven’t seen it in the mainstream media though….

    I suspect the assault you mention is the same as the one Salmond mentions here : http://www.scotsman.com/news/politics/top-stories/scottish-independence-salmond-pans-intimidation-1-3526440

    bencooper
    Member

    Rather than shouting over the interviewee, Gordon should try to understand what a base rate is *. He would then look a little less silly. Still well used tactic to simply shout over the oppo – that’s the DOs tactic all along.

    Why will the base rate change after independence? Other than the normal variations of course.

    What will the base rate be in Scoltand? I thought your were going to be an independent country? Then again, without an central bank that would be a little difficult. I am sure the DO will have thought it through to the same extent as everything else though ie, hardly at all.

    Premier Icon jambalaya
    Subscriber

    You can blame that on David Cameron. No Devo Max on the ballot paper was his decision…. Oh how funny it will be when that backfires.

    @wan, Cameron did EXACTLY the right thing with setting the question. Is it not interesting that the SNP would rather have had a watered down Devo Max option. The fact is the SNP know that Scotland is better off with the UK as a safety net if they screw it up. Why should the UK agree to that ? Cameron has taken a calculated risk and I think he’ll be proven right with a No vote. The advantage with this is that the independence issue will be put to bed for the foreseeable future, hopefully 20 years plus. By giving Scotland powers to set tax and spending I think that will force the Scottish Parliament to face reality and stop politicking with fanciful promises of this mythical fairer society whatever that actually means.

    bencooper
    Member

    What will the base rate be in Scoltand?

    Well to start with we’ll be using Sterling, so the base rare will be the same as in the rUK. Later, if we transition to our own currency then we’ll have a good credit rating according to the credit rating agencies, so no reason why our base rate should be much different.

    Premier Icon molgrips
    Subscriber

    Would you not raise your base rate to reward savers and punish borrowers? Isn’t that the good proper thing to do?

    The advantage with this is that the independence issue will be put to bed for the foreseeable future, hopefully 20 years plus.

    Just out of interest, if Scotland is such a drain on rUK where is the advantage gained from putting the independence issue to bed for 20 years plus?

    bencooper
    Member

    Just out of interest, if Scotland is such a drain on rUK where is the advantage gained from putting the independence issue to bed for 20 years plus?

    Because by then the oil will have run out, so no reason to hang on to us.

    Premier Icon epicyclo
    Subscriber

    Banksy has an opinion 🙂

    piemonster
    Member

    Should that wee fella not be a Wild Haggis

    Well to start with we’ll be using Sterling, so the base rare will be the same as in the rUK.

    If only that was how it works..!!!!

    THM – dear economics guru can you please enlighten us thick **** as to how the base rate would work for Scotland?

    Premier Icon aracer
    Subscriber

    Well to start with we’ll be using Sterling, so the base rare will be the same as in the rUK.

    http://www.tradingeconomics.com/panama/interest-rate

    (just to help out, scroll down a bit for the US interest rate)

    Later, if we transition to our own currency then we’ll have a good credit rating according to the credit rating agencies, so no reason why our base rate should be much different.

    😆

    http://singletrackworld.com/forum/topic/osbourne-says-no-to-currency-union/page/256?replies=9251#post-6269467

    Chew
    Member

    how the base rate would work for Scotland?

    Assuming CU (not going to happen) it would be the same as it is now. You’d have to have your whole economic policy approved by the BoE though.

    Assuming Sterlingisation you would have to set up your own Central Bank and set up your own currency reserves. This will cost a lot of money and involve a large amount of reserves which you’ll need to borrow at a higher rate as you’ve not honored your share of the UK debt.

    This cost of borrowing will affect interest rates, which will be at a premium to what it will be for rUK. Scotlands interest rates could be 1-2% higher than rUK (£50-100 a month on a typical mortgage)

    Also with Sterlingisation you’ll need to try and peg your currency to the £. Read about the ERM and find out how much fun that might be.

    Exactly, the DO is now proposing that you will follow the policy of sterlingisation. In his madness, he reckons that it is a good idea for Scotland to have no central bank. No central bank, no base rate (since is is the rate the CB lends to fin institutions).

    You will be able to transfer all that nice cash into your own reserves of your own version in time (a SMA?). You can do he maths in what that means for the tax and spending pipe dreams.

    Since the FC basically rules out sterlingisation, poor old Alex hasn’t been briefed on how silly this makes Scotland look. I assume AS is one of the thick ***** on your reckoning?

    Premier Icon StefMcDef
    Subscriber

    Can’t see all this talk of sterilisation going down well – Scotland’s low birthrate means it’s facing a demographic time bomb as it is.

    gordimhor
    Member

    Chew said

    Assuming Sterilisation

    I say that’s quite an assumption!

    Vote Yes or they’ll tie your tubes
    🙂

    Autospell/autocorrect throws up these unintended gems!!!

    Chew
    Member

    I think there may well be a few difficult years of transition, but in the long run we’ll be fine.

    I totally agree with you on this Ben

    Its just a case of:
    How difficult?
    For how long?
    What percentage of the population is going to stick around through that transition period?

    Chew
    Member

    Autospell/autocorrect throws up these unintended gems!!!

    We all know what i ment 😳

    I think there may well be a few difficult years of transition, but in the long run we’ll be fine.

    A difficult tomorrow is a price worth paying for a better next week.

    Premier Icon molgrips
    Subscriber

    Better, you hope…

    Chew
    Member

    A difficult tomorrow is a price worth paying for a better next week.

    It probably is but if the votes that close what percentage of the No voters are going to stick around during the ‘difficult tomorrow’ period?

    Sterilisation is not a bad shout since policy flexibility will be neutered by what is being proposed by the DO.

    Premier Icon aracer
    Subscriber

    Better, you hope…

    Whereas difficult you know. The only thing which is certain about next week is that where the politicians meet will be geographically closer.

    It probably is but if the votes that close what percentage of the No voters are going to stick around during the ‘difficult tomorrow’ period?

    Hopefully not that many…

    The only certainty is the kerching of the lawyers tills.

    Given the profile of many of the no voters, your desire Wanman will not do much for tax receipts and future Gov spending – still that is the least of the contradictions.

    Given the profile of many of the no voters, your desire Wanman will not do much for tax receipts and future Gov spending

    Have another wee think about that. Then have a think about who is most liable to dodge taxes in one way or another. There is little room in my ideal Scotland for people who have the ability to pay their way but choose not to to the detriment of others.

    No need – I understand how the tax system works.

    I would hope that you do. I suspect that you may struggle with how the tax system doesn’t work though.

    bencooper
    Member

    Well! I’m not an economist or a tax expert – I’m too interesting for that – however I can look at the big picture.

    Scotland has ample natural resources, lots of export businesses in the food, engineering and other industries, a world-leading education system, and a vibrant tourist industry. To imagine a country like that will struggle to pay bills is just ridiculous.

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