One side effect of the current financial crisis is that an independent Scotland is looking less likely. No time to be a small nation in these troubled times, viz, Iceland, Belgium and Ireland. Remember that one of the main reasons for the Union with England in 1703 was that the Scottish economy was bust.
Halifax Bank of Scotland is being given life support by Lloyds TSB, and Royal Bank of Scotland probably over-reached by paying too much for ABN Amro. A case of the Edinburgh bankers believing in their own omnipotence. If ABN Amro was anything like the many other European banks, then they bought a whole pile of trouble methinks.
It’ll all play itself out in the coming weeks and months.
You’re right; you don’t hear Alex Salmond banging on about independence anymore. Instead he’s gone cap in hand to Westminster asking that Gordon Brown (and Lloyds TSB) ensure that Edinburgh remains a financial centre. About a years ago, I recall some Scots boasting that Edinburgh was the UK’s second-largest financial centre and that owing to this fact, Scotland didn’t need England, Wales, and NI. Now that the stuff has hit the fan (and hard) its Westminster to the rescue (it’s easy to bang on about independence when someone else is paying for it). The sad truth is, if Scotland were independent, it would be an Iceland II. Maybe now people will come to their senses and throw the SNP out and vote the Tories in … both sides of the border. A long shot, but one never knows.
By: Michael Langstrom on October 9, 2008
at 1:11 am
Michael
Couldn’t agree more. This view is gaining wider currency, as Iain Martin, the Daily Telegraph’s political editor notes in his blog:
“Modern Scottish nationalism looks set to be one of the victims of this emergency. With banks being bailed out and markets melting down would Scots really fancy being on their own? Of course not.”
He continues about the demise of Alex Salmond’s ‘Arc of Prosperity’ which included Scotand, Ireland, and you’ve guessed it, Iceland.
Regards, Tim
By: timdodds on October 9, 2008
at 12:52 pm