Scottish independence

rpc

Doshwaster wrote: »

We've also heard about the nationalisation of BT and the Royal Mail in Scotland. Just where is the money coming from to pay for those shares?

Some parts of the Yes campaign are suggesting a forced nationalisation with nothing returned to shareholders.

I suppose it could be part of the "day of reckoning"

Don't forget nationalising BP as well. Although they seem more muddled about that - one day it is "BP had better get used to the idea of being nationalised" and the next it is "of course we couldn't run 570 rigs ourselves"

As a RM shareholder I'd be delighted if the company could offload such a loss making part of the business. Running postal services in most of Scotland is a very expensive operation that customers elsewhere subsidise.

No no no, you have it all wrong. Royal mail will continue to deliver across the UK for a single price, service to the highlands and islands won't change and prices won't go up in Scotland to account for the geographical issues. It was in the white paper, it must be true.

Buzby

scott_lithgows wrote: »

Most Scots don't believe we should be voting on English matters.

Absolutely! It is not often remembered that SNP MPs do not vote on matters that concern only England as they are very aware of the anomaly. A shame then that Labour's Scottish MP's do not share this vision and are quite happy to support any Vote their leader asks them to. As the Tories only have 1 it's not really an issue for them.

Buzby

ColdIron wrote: »

Funded by what? Increased taxes, reduced services, both?

They don't get any of it (at the moment) but will do following independence. So no need to increase taxes - this one went direct to the Treasury and the black hole that is Westminster.

There is no doubt it may assist in keeping PIK afloat, but then the Scotyish Govt own this anyway as the previous owners devised to move on.

rpc

Buzby wrote: »

They don't get any of it (at the moment) but will do following independence. So no need to increase taxes - this one went direct to the Treasury and the black hole that is Westminster.

And various benefits emerged from that black hole, having been paid for by taxes and borrowing that went into it.

Scotland will receive more tax income after independence, but its spending will go up by more (even just maintaining the status quo in terms of the budget).

There is no doubt it may assist in keeping PIK afloat, but then the Scotyish Govt own this anyway as the previous owners devised to move on.

And aren't they doing a great job of turning that around into a sustainable venture. Or not.

It is little more than a job creation scheme that the government won't shut down because they don't want egg on their face.

Buzby

Doshwaster wrote: »

We've also heard about the nationalisation of BT and the Royal Mail in Scotland. Just where is the money coming from to pay for those shares?

As a RM shareholder I'd be delighted if the company could offload such a loss making part of the business. Running postal services in most of Scotland is a very expensive operation that customers elsewhere subsidise. However, RM in Scotland must be worth around £500m. That's possibly affordable but the suggestion that HMSG could nationalise BT and BP business in Scotland is laughable. I suppose they'll be wanting RBS too.

Pay for the shares? You're really giving a laugh! There will be a settlement where the assets in Scotland will be transferred to the new SPO. The Royal Mail will continue as before but within its own territory - no need to 'buy shares' as at the time of the sell-off, it was well known Scotland was going to vote for independence but the promoters declined to advise purchasers in the prospectus. In which case, you have a claim for misselling.

As for BT - you forget BT was the carrier contracted to run services in the CI and IoM. This worked successfully for many years. There is no reason to assume this will similarly nor be a solution. There will be problems, but looking for them where there is none is pretty lame.

kingrulzuk

1Day to Go for IScotland

Buzby

rpc wrote: »

And various benefits emerged from that black hole, having been paid for by taxes and borrowing that went into it.

Scotland will receive more tax income after independence, but its spending will go up by more (even just maintaining the status quo in terms of the budget).


And aren't they doing a great job of turning that around into a sustainable venture. Or not.

It is little more than a job creation scheme that the government won't shut down because they don't want egg on their face.

(1) 'various benefits' you mean the 'better together' argument? Well, we'll see the results of this after the polls close and the results known. The only folk who believe Westminster is a safe pair of hands invariably have a vested interest.

(2) yes, more tax paid directly after independence however once Trident is dragged out screaming and the restrictions on sourcing oil from the Clyde will more than offset any shortfall.

(3) they only bought an airport, not an airline to go with it. How is Marston getting on in Kent. Is the 'garden city' built yet? As for having egg on their face - you have a perverse idea of pride. Scotland is full of heroic failures (John Logie Baird bring one of the better known). The ScotGov have tried - it may work, it may not. Ask those in Kent about why Westminster did nothing to save Marston and you'll see the criticism yourself.

We also don't have toll roads, bridges or tunnels. You happy with that too?

irm

I'm voting No.

But with the result looking too close to call, do the wife and I cash in our fund ISAs (still holding the cash in the ISA) until after the result is known.

We'd take a small hit on being out of the market if it's a No, but potentially avoid a much bigger hit if it's a Yes. The funds are worth about £22K in total.

gkerr4

Buzby wrote: »

Pay for the shares? You're really giving a laugh! There will be a settlement where the assets in Scotland will be transferred to the new SPO. The Royal Mail will continue as before but within its own territory - no need to 'buy shares' as at the time of the sell-off, it was well known Scotland was going to vote for independence but the promoters declined to advise purchasers in the prospectus. In which case, you have a claim for misselling.

As for BT - you forget BT was the carrier contracted to run services in the CI and IoM. This worked successfully for many years. There is no reason to assume this will similarly nor be a solution. There will be problems, but looking for them where there is none is pretty lame.

this is one the best ones I've read! - its so funny.

a settlement where the assets will be relocated - you've been drinking the same gaga juice as salmond.

nationalism - truly for the naive and uneducated - and the root of all racism.

I hope its a yes and i hope Russia invade you for "your" oil.

oh by the way - i'm a scotsman - but totally sickened by the way this "event' has progressed.

bowlhead99

irm wrote: »

But with the result looking too close to call, do the wife and I cash in our fund ISAs (still holding the cash in the ISA) until after the result is known.

We'd take a small hit on being out of the market if it's a No, but potentially avoid a much bigger hit if it's a Yes. The funds are worth about £22K in total.

Impossible to say. Presumably if it's a Yes the funds will still all bounce back in time because the businesses will find ways to make profits. Meanwhile if you take a choice to exit now you are basically saying you are going to time the market and hope to buy in cheaper by not having any investments and having a whole load of cash instead ready to hoover up the cheap stuff. That opportunity might not come. And 'by not having any investments' every time there is any kind of investment risk, is not the way to make money from your investments in the long term. You only get paid for taking investment risk.

As it is, markets could already move later today when the latest BoE MPC minutes release from this morning is followed by the US FOMC statements on timing of interest rates this evening. If you place an order to sell your funds now, you aren't selling at the price right now, but the future price calculated at the next valuation point for which you haven't missed the cut-off.

Another factor is that if we break up the UK, the pound will likely devalue. Presumably you have a broad exposure to global markets like most people with over £20k of investment ISAs. So if your international funds have $16200 of assets and the USD/GBP exchange rate changes from 1.62 to 1.46 for example (10% devaluation) and dollars and euros and yen are all worth more pounds sterling: those $16200 of assets will increase from £10,000 to £11,000, gaining you 10% on that proportion of your assets.

Personally I am not going to sell up all my ISAs and pension assets and sit in cash and then somehow try to buy it all back again the next day. I'd have a lot to sell and it would be a big gamble. I do have some bets on the referendum outcome and FX rate movements but those are just a bit of fun on the side.