Wednesday, May 02, 2007

Why vote SNP ?


Why vote SNP?

Sir George Mathewson, former chairman of the Royal Bank of Scotland, pointed out in the Sunday Times, 29 April 2007, that:

(1) "The real story of the last decade... is the phenomenal success of small countries in Europe. Finland, Ireland, Iceland, Sweden, Luxembourg - all are wealthier now than the UK and are growing faster."

(2) An independent Scotland can continue to trade with England, just as Ireland trades with England. "The market in England is already supplied by companies from the United States, Germany, the Netherlands, Ireland and many others."

(3) "Oil revenues are rising... When Gordon Brown came to office, North Sea revenues were £3 billion - this year they are more than £8 billion... With nearly 30 billion barrels of oil remaining and demand rising, we are not even at the half-way point for revenues..."

(4) Scotland's financial services sector "is excelling, and with a lighter regulatory touch and lower corporation taxation, the sector could grow even more."

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The leading Scottish economist Gavin McCrone presented the McCrone Report to the Cabinet office in April 1975. It revealed how North Sea oil could make an independent Scotland as rich as Switzerland.

The McCrone report said:

"The balance of payments gain for Scotland from the North Sea oil would easily swamp the existing deficit whatever its size and transform Scotland into a country with a substantial and chronic surplus - to a quite embarrassing degree and its [Scotland's] currency would become the hardest in Europe, with the exception, perhaps of the Norwegian kroner."

The report continued: "An exchange rate of £1 Scots to 120p sterling within two years of independence, therefore, would seem quite probable.

"An independent Scotland could now expect to have massive surpluses both on its budget and on its balance of payments and with proper husbanding of resources this situation could last for a very long time into the future.

"Britain is now counting so heavily on North Sea oil to redress its balance of payments that it is easy to imagine England in dire straits without it.

"The example of Norwegian policy on government revenue from oil likewise shows up the failure of British [policy]." - ‘Politics of grievance’ have some justification



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