Unanswered Questions

Notes from North Britain

Here are some things we know:

1. The United Kingdom and Scottish Governments disagree over whether independence will make Scots richer or poorer. The Treasury says we’ll each be £1400 better off every year for 20 years if we stay in the Union. The Scottish Government says that after 15 years of independence we’d each be £1000 per year better off.

2. The Financial Times says the first figure is “specious”, because it’s inevitably based on assumptions and projections about future costs, which are notoriously difficult. But the FT also says that the Scottish Ministers’ figure is “more egregious” and “an insult to the intelligence of the land of Adam Smith and David Hume”. And the FT is not alone in pouring scorn on the magic beans fantasy economics offered by the Scottish Government. Check out the verdict of the independent IFS, for example, which highlights the serial ways in…

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