UK promises to guarentee Scotland's debt post independence

Generali

baldelectrician wrote: »

Several things

The UK government issued the debt, so only the UK government is liable for it- it it were to be partly transferred to a newly independent Scotland this would count as a UK default.

On the debt to GDP ratio - Scotland may fare better than the UK at debt.

Current UK to GDP= 76% - including Scotland's oil and assets

Post Scottish independence (assuming NO sterling zone) -
UK GDP ratio 105%
Scottish GDP ratio 70%

The facts (as the Scottish Government say in their white paper) are that Scotland accept a fair share of UK debt, but want a fair share of UK assets

On the point about assets- land locked assets (such as oil, coal etc) are determined by geography

Other assets- such as the Bank of England, foreign embassies, warships (as they are mobile) will be split on a % basis

For reference I have put a map showing Scotland's fishing / oil rights below- from the BBC




The following sites are good reference material, particularly

businessforscotland.com



http://www.newsnetscotland.com

http://www.wingsoverscotland.com

http://www.bellacaledonia.org.uk

http://www.businessforscotland.co.uk

http://www.womenforindependence.org

http://www.YesScotland.net

http://www.labourforindy.com

http://www.reidfoundation.org

http://www.scottishcommonweal.org

http://www.nationalcollective.com

http://www.scotreferendum.com

http://www.derekbatemandotnet1.worldpress.com

http://www.bbc.scotlandshire.co.uk

Scotland doesn't have oil rights at present, the UK does.

You can assume that Scotland would get certain oil rights after independence but you are simply making an assumption.

baldelectrician

Generali wrote: »

Scotland doesn't have oil rights at present, the UK does.

You can assume that Scotland would get certain oil rights after independence but you are simply making an assumption.

Vince the Cable has also admitted the oil is in Scotland's waters

How about this link from the UK government

Or this one from the Scottish Government

Oil rights are based on GEOGRAPHY, unless the uk geography changes the planet to swap Scotland and England round

Loughton_Monkey

baldelectrician wrote: »

Vince the Cable has also admitted the oil is in Scotland's waters

How about this link from the UK government

Or this one from the Scottish Government

Oil rights are based on GEOGRAPHY, unless the uk geography changes the planet to swap Scotland and England round

For some reason, I always find that whatever the doddering old fool Cable 'asserts' makes it almost certain to be rather wrong...

In any case, where the oil is (Scottish waters or otherwise) is rather incidental to the entity to which licenses to extract the oil have been granted.

Should BP, Shell, or whoever, decide - ever - to relocate their designated country of incorporation to Scotland, then I might believe in the concept of "Scottish Oil".

Until then, to all practical purposes, I believe the oil belongs to BP etc.

baldelectrician

Loughton_Monkey wrote: »

For some reason, I always find that whatever the doddering old fool Cable 'asserts' makes it almost certain to be rather wrong...

In any case, where the oil is (Scottish waters or otherwise) is rather incidental to the entity to which licenses to extract the oil have been granted.

Should BP, Shell, or whoever, decide - ever - to relocate their designated country of incorporation to Scotland, then I might believe in the concept of "Scottish Oil".

Until then, to all practical purposes, I believe the oil belongs to BP etc.

The oil belongs to the territorial area it is drilled from, however the TAXES due on the drilled oil belong to the government responsible for that sea bed / land drilled.

If the rights to drill are sold the drilling rights belong to that company / organisation, the tax due does not, and the oil belongs to the country it sits in. It's only the rights to access and sell the oil that are sold, not the oil

chewmylegoff

Scottish nationalist fanboys telling us all exactly how things will if Scotland becomes an independent country using the SNP's white paper on the subject as "evidence" are about as tedious as the opposite side of the coin who adamantly insist that Scotland would implode and turn into a debt ridden tumbleweed factory if it is stupid enough to vote in favour of independence.

The reality is that any split would be extremely complicated and the product of negotiations likely to take years. Whilst the starting point for parts of the negotiations might be a territorial map photocopied from someone's gcse geography textbook this will be just one part of the equation.

Anyone who genuinely believes otherwise is quite clearly as mad as a balloon.

baldelectrician

chewmylegoff wrote: »

Scottish nationalist fanboys telling us all exactly how things will if Scotland becomes an independent country using the SNP's white paper on the subject as "evidence" are about as tedious as the opposite side of the coin who adamantly insist that Scotland would implode and turn into a debt ridden tumbleweed factory if it is stupid enough to vote in favour of independence.

The reality is that any split would be extremely complicated and the product of negotiations likely to take years. Whilst the starting point for parts of the negotiations might be a territorial map photocopied from someone's gcse geography textbook this will be just one part of the equation.

Anyone who genuinely believes otherwise is quite clearly as mad as a balloon.

It will only be as difficult as the two sides make it

I suspect that if a Yes vote happens then both sides may come to their senses as money talks- there is a lot at stake if things go wrong; especially for the UK as Scotland's fiscal position is stronger (even though it has no track record)

Loughton_Monkey

chewmylegoff wrote: »

.... is quite clearly as mad as a balloon.

Is that better than, or worse than, being as daft as a brush?

chewmylegoff

Loughton_Monkey wrote: »

Is that better than, or worse than, being as daft as a brush?

Depends what sort of brush it is.