Indyref2: Davidson's remarks are 'terrible' for SNP says Cook
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Nicola Sturgeon’s “crazy” hopes for the Scottish economy in the wake of independence from the UK would be a “disaster” and Scotland would “take decades” to recover, it has been warned. Senior SNP MPs have used Liz Truss Chancellor’s recent mini-budget as a reason to push for Scottish independence, arguing it proves why Scotland would be better alone.
But John Ferry, contributing editor for the think tank These Islands and a former financial journalist, said if “Trussonomics is stupid, then Sturgeonomics is crazy”.
It comes after Kwasi Kwarteng released his mini-budget on Friday, which has unleashed a wave of criticism.
Ian Blackford posted on Twitter: “All of the economic arguments of the better together campaign in 2014 for Scotland staying in the UK have been dismantled and now blown apart by this Government.
“Brexit has been a disaster now they have destroyed any financial credibility they had. #YouYesYet.”
But Mr Ferry said Mr Blackford and Scotland’s First Minister Nicola Sturgeon’s economic plans for Scotland in 2014 was “misguided” and would have been a “disaster” if they had their way.
He pointed to their plans for a new state with no currency of its own, no central bank able to control Scotland-specific interest rates or engage in quantitative easing.
Writing for the Spectator he said: “Blackford is, of course, wrong. As misguided as the policies announced in Friday’s budget are, the fact of these policies having a negative impact on Britain’s economy does not justify the SNP’s own misguided policy of cutting Scotland out of the UK economy.
He added: “If they had had their way, it would have clearly been a disaster.
“The SNP’s strategy now is to present itself as a reasonable alternative to an economically thoughtless UK. But the policy of cutting Scotland off from the UK’s monetary and fiscal structures makes no more sense today than it did before the advent of Trussonomics.
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“If Trussonomics is stupid, then Sturgeonomics is crazy.”
Prime Minister Ms Truss and Mr Kwarteng are under pressure to recall the House of Commons in an attempt to calm markets following the chaos unleashed by the Chancellor’s mini-budget.
The Bank of England was forced to take emergency action, buying up long-term Government bonds because of a “material risk to UK financial stability”, while the International Monetary Fund urged the Chancellor to change course.
While Ms Sturgeon said the Commons should be immediately recalled from its break for the party conferences with the UK being in the grip of a “rapidly deteriorating economic crisis”.
He branded Ms Sturgeon’s bid for independence as “dangerous” for the Scottish economy.
Mr Ferry added: “It is unlikely there would be any way back from the economic shock that would come with independence.
“The consequences would have to be played out in full. Economic recovery would be measured in years, maybe even decades.
“Recent days have provided an abject lesson in how markets react to a government that plays fast and loose with fiscal credibility.
“Nicola Sturgeon and her party might see it as another opportunity to make the case for independence, but in reality it is another reminder of how dangerous her blind faith in separation is.”
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