Scottish Independence and the Scottish Economy

Debate between Ian Blackford and Stewart Hosie

Wednesday 2nd November 2022 Commons Chamber

[Stewart Hosie (Dundee East) (SNP)]

Several very interesting things have been said today. I have never taken a single vote for the SNP in Dundee East for granted. However, I heard the hon. Member for Edinburgh West (Christine Jardine)—she is no longer in her place—talk about Orkney and Shetland, and if I lived on one of those island groups, I would be very cross indeed that the Liberal Democrats took them so much for granted and considered them so much of a personal fiefdom.

We had the Secretary of State for Scotland talk about funding delivered by the UK Government. Indeed, the hon. Member for Banff and Buchan (David Duguid) spoke about several other UK policy decisions and read out their cost. I thought that was interesting because it was almost like it was discretionary largesse from Whitehall, almost ignoring the fact that Scottish individuals and businesses pay tax. It is almost as if they do not realise that almost every penny is borrowed and that Scottish taxpayers contribute their full fair share to the debt repayment costs. I find that extraordinary.

We have heard other talk during the day about the debt Scotland might have. The Scottish Government cannot borrow. They have no debt. All the debt comes from the UK. The UK borrows all the money, no matter where it is spent. When there is a £500 million overspend on a single tube station, we pay our share of that debt. There is no Union dividend.

We then heard the Secretary of State make some extraordinarily disparaging remarks about education. Scotland has the highest proportion of people with a tertiary education—the best educated country in Europe. Instead of talking it down, why do we not celebrate the pupils and the students, the teachers and the lecturers, and the schools, colleges and universities? He then went on—he must have been having a really bad day—to talk about crime. We have the lowest crime—[Interruption.] Ah, he has come in. Welcome, Governor-General; take your seat. Scotland has the lowest crime rate since 1974. It was reported in the last week that barely 5% of reported crimes in England even have somebody charged. To talk down the criminal justice system in Scotland while allowing the utter failure of the criminal justice system in England to go by the book is absolutely disgraceful.

We then had the bizarre sight of the Better Together parties—the Tory-Labour coalition party—pretending to dislike each other, but when I see Labour’s immigration mugs and the “Make Brexit Work” slogan, all I see is a red Tory. Whether they are red Tories or blue Tories, it does not matter. They are exactly the same.

We then had—I might not even get to my speech proper, Madam Deputy Speaker—some straw men thrown up about how much Scotland’s foreign currency reserve would have to be when we become independent. I checked and the UK’s foreign currency reserve is 6.4% of GDP, Ireland’s is 2.7% and Finland’s is 7%. To be fair, Denmark’s is higher at about 20%, but how can it be that a modern advanced economy with huge natural resources and a balance of trade surplus, such as Scotland, would somehow uniquely be expected to hold 50%, 60%, 70% or 80% of GDP in foreign currencies?

[Ian Blackford]

rose—

[Stewart Hosie]

I think my right hon. Friend spoke enough earlier on, but of course I will give way.

[Ian Blackford]

I am very grateful to my right hon. Friend—I will see him later. He is making a powerful speech. It is worth pointing out to the House that the UK has a current account deficit of more than 8% of GDP. If there is a country that cannot pay its way, it is the UK.