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Independent Scotland can halve the deficit without austerity in five years

Forums Independence Discussion Independent Scotland can halve the deficit without austerity in five years

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This topic contains 3 replies, has 2 voices, and was last updated by Independent Scotland can halve the deficit without austerity in five years 1 Lesley M 5 months, 3 weeks ago.

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  • #1207
    Independent Scotland can halve the deficit without austerity in five years 2
    Calum Carlyle
    Participant
    @calum

    Scotland’s £13 billion spending deficit could be brought under control within a few years of independence, Finance Derek Mackay has said.

    And an independent Scotland would not adopt the euro if it rejoins the EU, Mr Mackay insisted – despite this being Brussels policy for new member states. The Finance Secretary said he hoped SNP delegates would back a motion at next month’s party conference to change policy and commit to a new Scottish currency following independence after using the pound for a transition period.

    The party’s recent Sustainable growth Commission, which Mr Mackay sat on, proposed that the new currency would only be adopted after the £13 billion deficit – the gap between public spending and taxes raised to fund them – is halved. It estimated this could take 5-10 years.

    Asked today, if this could be done sooner, Mr Mackay told BBC Sunday Politics Scotland: “Yes and I can tell you why.

    “After we published the growth commission report our economics and the financial position was improving. “With the powers of independence , yes we can stimulate economic growth, grow our economy, get that notional deficit down.”

    And insisted that it would not mean years of austerity. “We’ve got austerity in Scotland and in the UK because it was the choice of the Conservatives – it was a political choice and it’s no longer a necessity,” he added. “We can grow our economy, we can grow our public services, we can grow our GDP faster than being part of the UK that subduing and now endangering our economy. ”

    Read more at: https://www.scotsman.com/news/politics/derek-mackay-independent-scotland-can-halve-13-billion-deficit-in-a-few-years-1-4882496

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  • #1212
    Independent Scotland can halve the deficit without austerity in five years 3
    Lesley M
    Participant
    @latelesley

    We would only have a deficit of that size, if spending was continued under the current model, which it wouldn’t be. The “Reserved costs” would disappear overnight, and give us a massive surplus with which to fund our own services (Defence, international relations etc). That “deficit” only adds up if spending didn’t change. But would we keep things like nuclear subs? There’s a few savings to be made, that would far outweigh any deficit the skewed figures currently show. Things can and would be different. VERY different.

     

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  • #1219
    Independent Scotland can halve the deficit without austerity in five years 2
    Calum Carlyle
    Participant
    @calum

    The sums are quite a bit fiddlier than some imagine, i’m sure. My thinking on the nuclear subs for instance is Scotland would not want them, either for defence, or physically, and the rUK wouldn’t want to locate their nuclear defence outwith their borders either, but they won’t be decommissioned in a hurry either, and we already know the rUK doesn’t really have anywhere else to put them, so we will probably be faced with keeping them in Scotland for several years. It’s my view that Scotland should be charging a hefty rent for that, to be honest, as well as a risk fee of some sort.

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  • #1220
    Independent Scotland can halve the deficit without austerity in five years 3
    Lesley M
    Participant
    @latelesley

    Naw, I widnae even charge them rent. I say get them oot as soon as humanly possible. If they don’t want them anywhere down there, we certainly don’t want them here. They can use their fallback plan of sending them back to America if they can’t decide where to keep them. Make it their issue, and I say give them no sniff of opportunity to keep them here. They are an attack target, not something we want here.

     

     

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