The honour for the providing the first Independence economic scare story of 2012 goes to the Scotsman, a seemingly infinite source of pro-Unionist tales of future doom and gloom. In its latest, and somewhat confusing anti-Independence piece by Executive Editor Bill Jamieson (Jan 4th), separation will heap more untold misery on Scotland because as an independent sovereign state, it will lose the triple ‘A’ credit rating that it presently enjoys as part of the UK.
Putting as much spin on an analysis by
a fund manager for what the Scotsman calls “the giant M&G Group”, Jim Leaviss musters up yet another scare story
to frighten Mr
, an independent Mr
would struggle to sustain a triple ‘A’ credit rating. Give Scotland his due he also suggested that the
remainder of the Mr
would do likewise. However, as this is not what the UK
based rag wants to hear it simply spins the story as yet another dire
consequence of the people of Edinburgh
taking responsibility for their own affairs. Scotland
The ‘story’ as far as this lamentable excuse for a newspaper, is that the Scots would suffer. The reason? Well as usual it is because the country is “small”. According to
, “Most small economies of an
equivalent size [to Mr
do not enjoy a triple ‘A’ status”. Scotland
Now I’m sure that is true on a global scale. But as we are talking about a country in
Europe and a member of the EU, are we to assume (as one suspects
we are) that if and it’s a big ‘if’, this was to be the case,
would sink without trace. Scotland
According to Standard and Poor, smaller nations in
Europe with triple
‘A’ status include, along with usual suspects of
and Luxembourg ;
Liechtenstein , Austria ,
Denmark , Finland ,
Norway and Sweden .
In fact, Switzerland Guernsey and the Isle of Man
both have an AA+ credit rating. And it might also be worth noting that ,
with AA-, has the same rating as Slovenia
and China . Spain
So, is there anything to fear here, as the Scotsman would have it?
Of course not.
Plenty countries get by without a triple ‘A’ rating. Losing that rating is only a problem for those countries which, like the
in the past, have used it to borrow like there was no tomorrow and are now in
serious trouble. Sound familiar UK
There was a time when triple ‘A’ was a size of battery. Now however, as a one of an ever increasing bag of economic buzz phrases,
thinks it is time to add it to the
Unionist armoury. But, while you can make of it what you want, as with the
other sticks and stones at Mr
disposal its efficacy as a weapon against independence can be undermined by
readily available data. London
As for “economic analysts”, one will recall that they had ample opportunity to predict the present crisis and were found wanting. Whether we should give much credence to what they say now is a matter for further conjecture.
However, it does seem that the Unionist’s fixation on “size” has yet again been shown not to matter.