James Bloodworth for Left Foot Forward rather mildly points out that the SNP propaganda machine is even struggling to formulate believable lies now. If they can’t cope preaching to the converted then good luck with the ludicrous ‘Petoria-esque’ campaign folks. That they continue unabashed by reality to spout their drivel, even selectively quoting from studies that in full tell them the truth of their idiocy, is testament to their delusional mindset: “This morning the Yes to Scottish independent campaign sent an interesting tweet into cyberspace. Indeed, if you happen to be a supporter of Scottish independence the offending tweet probably warmed the cockles of your heart.
“An independent Scotland could have a healthier credit rating than the UK,” Yes Scotland proclaimed.
This mirrors a claim made by Iain Macwhirter in The Herald at the weekend:
“According to one of the world’s biggest rating agencies, an independent Scotland might have a AAA credit rating even without taking the oil into account,” Macwhirter wrote.
“Standard & Poor’s reported on Thursday that an independent Scotland would ‘qualify for our highest economic assessment’. Its analysts looked at Scottish economic fundamentals like on-shore GDP and concluded that an independent Scotland would be up there with triple A-rated countries such as Germany,” he added.
And indeed, Standard & Poor’s did say that Scotland would face “significant, but not unsurpassable” challenges if it went it alone.
But would it really qualify for Standard & Poor’s “highest economic assessment” and “be up there with triple A-rated countries such as Germany”?
Not according to the report which the Yes campaign have very selectively quoted from.
A closer look at the report in question finds that Scotland would struggle to match the UK’s AAA credit rating unless it managed to negotiate a currency union with London or the eurozone – something ruled out by the three leaders of the main political parties.
The Standard & Poor report actually says the following:
“Our ‘AAA’ rating on the UK is supported by the country’s power to issue a global reserve currency and the depth of its local capital markets, denominated in this currency.”
It adds that:
“the absence of access to liquidity support from the Bank of England or the ECB…would leave investors more reluctant to lend to Scotland’s banks in a new currency that may not benefit initially from deep capital markets”.
So in sum, there is very little reason to think an independent Scotland would be assured a AAA credit rating, despite the SNP/Yes campaign bluster.” (http://www.leftfootforward.org/2014/03/could-an-independent-scotland-really-have-a-healthier-credit-rating-than-the-uk/) See also – (http://takimag.com/article/scotlands_foolish_romanticism_ali_hope?utm_source=Taki%27s+Magazine+List&utm_campaign=64a44842bd-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_f7706afea2-64a44842bd-379422201#axzz2vTpgDjLo) and – (http://www.theguardian.com/commentisfree/2014/mar/10/scotland-dirty-secret-thatcherites-referendum?CMP=twt_gu) and of course – (http://www.morningstaronline.co.uk/a-62c9-An-independent-Scotland-would-be-at-the-EUs-mercy#.Uxu7Oc7vdwE)