Osbourne says no to currency union.

bigjim – Member
I wish this thread would get locked!

should lock it when the polling opens tbh, the gloating from which ever side is likely to be ridiculous!

So how large is the UK’s budget deficit? And how does that compare to the £12 billion above?

whatnobeer – Member
So how large is the UK’s budget deficit? And how does that compare to the £12 billion above?

it’s about 85billion, projections are to reduce this to a surplus in 2018.

well was in feb

http://www.bbc.co.uk/news/business-25944653

projections are to reduce this to a surplus in 2018

Yeah, right 😀

bencooper – Member
projections are to reduce this to a surplus in 2018
Yeah, right

If the tories stay in charge, they probably will, problem then comes that the surplus will get turned in to more tax breaks and divvied up amoung “friends”. Rather than put to good use.

problem then comes that the surplus will get turned in to more tax breaks and divvied up amoung “friends”. Rather than put to good use

And you know this because?

Or perhaps they’ll use any surplus to start reducing the (probably) £1.7trillion debt we’ll have by then. It’ll only take a generation or so to sort that out.

Whoops, what a difference a year makes Ben:

Scotland now accounts for 9.3 of the UK’s public spending and 9.1 per cent of the taxes paid to the Exchequer.

The sharp increase in Scotland’s deficit coincided with North Sea oil revenues falling from £11.3 billion in 2011/12 to £6.6 billion the following year. Of the £4.7 billion total drop, the report said £4.4 billion occurred in the seas around Scotland.

http://www.telegraph.co.uk/news/politics/10692466/Scots-each-receive-1300-more-spending-despite-oil-tax-drop.html

In another blow to the Yes campaign, the latest GERS report also showed that Scotland received 9.3% of UK public spending while 9.1% of taxes were raised north of the Border.

The previous year’s figures, showing Scotland contributed a higher proportion of tax than it received in public spending, had become a key part of the Yes campaign.

http://www.heraldscotland.com/politics/referendum-news/scots-finances-worse-than-rest-of-uk-after-oil-revenues-blow.23677056

Good thing that independence isn’t a forever thing, isn’t it 😆

You forgot to copy and paste the bit explaining why there was a big one-year drop in oil revenues:

It blamed a “combination of unplanned production stoppages at several large gas fields and higher levels of maintenance activity.” Another factor was increased capital investment in the North Sea, which the report said had reduced companies’ tax liabilities.

So it’s a one-year fluctuation, and a lot of it is because the oil companies are investing in new equipment. This raises two points:

– An oil fund is exactly what’s needed to balance out fluctuations like this. We’ll only get an oil fund with independence.

– If the oil is running out, why are the oil companies spending record amounts on new equipment?

– If the oil is running out, why are the oil companies spending record amounts on new equipment?

Because what’s left is so hard to get they need to to be able to get it.

UK Deficit At £185 Billion, Not £90 Billion As George Osborne Says, Warn MPs

“The PAC report found that the government had written off £13.2 billion over the period due to fraud, error, negligence claims and debt management. It also estimated the annual tax cap, charting the difference between the amount of tax owed and paid, has risen to £35 billion.”

😯 Wow, highlights the scale of the Scottish budget deficit.

Fluctuation oil revenues eh?

Glory be!

Wouldn’t want to hedge your economy on that, would you?

Wouldn’t want to hedge your economy on that, would you?

We don’t, but even if we did this is again why an oil fund is a good idea. As a percentage, Norway gets twice as much from oil as Scotland would, and they manage the fluctuations okay.

How are you going to build up an oil fund while you’re running a £12 billion deficit?

ninfan – Member
Fluctuation oil revenues eh?

You do understand that the word fluctuation indicates that things go up as well as down.

It’s a bit disingenuous to be talking about the lows of one year when you should be talking about the median revenue over a number.

Oh but I forgot all this financial stuff is far too difficult to understand! 😆

How are you going to build up an oil fund while you’re running a £12 billion deficit?

Same way it’s possible to have a savings account and a mortgage at the same time.

(yeah, I know, massive oversimplification)

Wouldn’t the predicted revenues into the future be more relevant?

it’s possible to have a savings account and a mortgage at the same time.

options:
i) reduce the mortgage
ii) keep money in a savings account

you go and work it out and see which option makes long term financial sense…

ninfan – Member
Wouldn’t the predicted revenues into the future be more relevant?

When trying to highlight a historical dip in tax revenue(which is what the no camp is trying to do), then no.

If the tories stay in charge, they probably will, problem then comes that the surplus will get turned in to more tax breaks and divvied up amoung “friends”. Rather than put to good use.

Remind us which party last delivered a budget surplus?

You do realise why it’s important to eliminate the deficit don’t you? It’s not tax breaks, there is a rather bigger iceberg out there….

And you need to build up reserves as you establish your own central bank – good job money grows in trees in yS fantasy land.

teamhurtmore – Member
If the tories stay in charge, they probably will, problem then comes that the surplus will get turned in to more tax breaks and divvied up amoung “friends”. Rather than put to good use.
Remind us which party last delivered a budget surplus?

You do realise why it’s important to eliminate the deficit don’t you? It’s not tax breaks, there is a rather bigger iceberg out there….I’m not disagreeing that it’s sensible to reduce the deficit.

– If the oil is running out, why are the oil companies spending record amounts on new equipment?

good lord man at least try to engage your brain, a schoolkid could answer that.

Good job that you are not voting for people who promise to cut taxes, raise spending and forget about unfunded liabilities then – oh, and want to joinable club that has certain entry requirements.

No surprise that the SNP do many of the things that Tories do – they just pretend otherwise. To repeat, the reality will be massively different from the utopian rhetoric – not surprising then that those who are voting NO come from a certain profile.

Salmond was in my home town today. I ended up going down and turning my back to him. Heard him at one stage over my shoulder shaking hands and talking with the people either side of me.

Never done anything like this before. I did have a laugh with one yes supporter. He asked if I was making a protest, I nodded. I liked his reply. He said “Well at least I noticed” I smiled back and thanked him.

good lord man at least try to engage your brain, a schoolkid could answer that.

Could the schoolkid do it without being patronising? Of course they’re doing it because it’s becoming more difficult to extract the reserves that are left – but they think it’s worth the investment.

Salmond still confused about the pound today, days after admitting that the currency is not an asset he is spouting the “it’s our pound” nonsense again.

The man has no shame.

teamhurtmore – Member
Good job that you are not voting for people who promise to cut taxes, raise spending and forget about unfunded liabilities then – oh, and want to joinable club that has certain entry requirements.

No surprise that the SNP do many of the things that Tories do – they just pretend otherwise. To repeat, the reality will be massively different from the utopian rhetoric – not surprising then that those who are voting NO come from a certain profile.Yet again, you seem unable to understand that a referendum is not an election.

Of course they’re doing it because it’s becoming more difficult to extract the reserves that are left – but they think it’s worth the investment.

And they expect the tax incentives to follow which were proposed by the Oil & Gas Commission. So business takes more risk to achieve the harder to get supplies. And government collects less tax. So that’s less tax on reducing supplies. Now, how do the numbers add up again?

athgray – Member
Salmond was in my home town today. I ended up going down and turning my back to him. Heard him at one stage over my shoulder shaking hands and talking with the people either side of me.

Never done anything like this before. I did have a laugh with one yes supporter. He asked if I was making a protest, I nodded. I liked his reply. He said “Well at least I noticed” I smiled back and thanked him.You sound very staunch. Bet the boys in yer ludge will enjoy that story! 😆

Yet again, you seem unable to understand that a referendum is not an election.

How come? I am just able to discern BS, and pretty obvious BS at that, from fact. It helps in both cases. The poor folk of Europe made your error.

So it’s a one-year fluctuation, and a lot of it is because the oil companies are investing in new equipment.

Shame then that the oil revenues are going to be even lower this year
http://www.theguardian.com/politics/2014/mar/12/scotland-deficit-12bn-alex-salmond-damages-case-independence-economy-oil-revenues-fall

teamhurtmore – Member
How come? I am just able to discern BS, and pretty obvious BS at that, from fact. It helps in both cases. The poor folk of Europe made your error.

Because, every argument you make is talking about SNP policy. They may or may not be the first government of Scotland.

The debate doesn’t end and will widen after 19th September.

aracer – Member
So it’s a one-year fluctuation, and a lot of it is because the oil companies are investing in new equipment.
Shame then that the oil revenues are going to be even lower this year
http://www.theguardian.com/politics/2014/mar/12/scotland-deficit-12bn-alex-salmond-damages-case-independence-economy-oil-revenues-fall

We understand that oil is a finite resource.

Because, every argument you make is talking about SNP policy.

Well I asked a few pages ago what the alternative policies were for iS and was met with deafening silence. Possibly because actually the SNP do a reasonable job of working with all the financial problems which will arise from independence and there isn’t actually a better way to do things and balance the books.

We understand that oil is a finite resource.

Do you? Lots of claims that there won’t be a problem despite the reliance of Scotland’s economy on oil. Whoops, I forget, the numbers aren’t important.

So good, we just put the book of dreams in the bin with the rest of the yS propaganda. I thought all the tax players money spent on this BS would mean that is worth looking at. Obviously not…..

I am glad that we agree that SNP garbage is just that.

Now can you point me in the direction of the non-SNP made cases please

aracer – Member
Because, every argument you make is talking about SNP policy.
Well I asked a few pages ago what the alternative policies were for iS and was met with deafening silence. Possibly because actually the SNP do a reasonable job of working with all the financial problems which will arise from independence and there isn’t actually a better way to do things and balance the books.

POSTED 1 MINUTE AGO # REPORT-POST
teamhurtmore – Member
So good, we just put the book of dreams in the bin with the rest of the yS propaganda. I thought all the tax players money spent on this BS would mean that is worth looking at. Obviously not…..

I am glad that SNP garbage is just that.

Now can you point me in the direction of the non-SNP made cases pleaseFor you 2 the argument ends on the 19th of september, for us up here it doesn’t. After that the campaign for government begins.

Ok, so what information are you using (other than SNP) to guide you in the post 19th scenario?

You do appreciate that the idea that this ends in the 18th is total bllx especially in the case of YES. It will create considerable and unnecessary uncertainty. And despite AS comments, unlikely to be harmonious discussions. The gloves really will come off at that point. Good job he has slimmed down in preparation. Now at fighting weight (or hopefully retirement weight). 😳

Even a NO, AS contempt has not gone unnoticed. And no, that is not a threat, it’s just an observation. Proposing lose-lose situations rarely wins you friends.

The love is strong on this topic 😉

teamhurtmore – Member
Ok, so what information are you using (other than SNP) to guide you in the post 19th scenario?

You do appreciate that the idea that this ends in the 18th is total bllx especially in the case of YES. It will create considerable and unnecessary uncertainty. And despite AS comments, unlikely to be harmonious discussions. The gloves really will come off at that point. Good job he has slimmed down in preparation. Now at fighting weight (or hopefully retirement weight).

Even a NO, AS contempt has not gone unnoticed. And no, that is not a threat, it’s just an observation. Proposing lose-lose situations rarely wins you friends.The information required for a yes vote is simply enough confidence that Scotland can go it alone. The message is clear that we can. (Only question remain is if enough people have the balls to follow that through)

If it’s a yes vote, I think we are all aware that rUK will be vindictive. (That’s not really an endearing attribute likely to make us stay.)

The love is so strong that we want you all *in our team!!

Well, obviously there are some exception outside STW but they dont need to be mentioned. Nicola will have plans for substituting him herself. Next manager on Man U or peace envoy?

aracer – Member
We understand that oil is a finite resource.
Do you? Lots of claims that there won’t be a problem despite the reliance of Scotland’s economy on oil. Whoops, I forget, the numbers aren’t important.

Yes, we do, we also understand that 20 years(worst case scenario for the oil running out) is a long time in economic terms. And that you can do alot of diversification to an economy in the mean time making it less reliant on oil.

Hell here’s a revolutionary idea, spend some of the oil wealth on diversification rather than tax breaks.