This week’s Scotland on Sunday is full of the usual outpourings of fear and madness (our absolute favourite is a standout piece of howling-at-the-moon insanity from frothing Tory loonbag Gerald Warner, magnificently entitled “Feminism driving holocaust of abortion”), but one in particular caught our eye.
Headed “Independent Scotland at risk from bank crash“, the Tom Peterkin effort (based, in fairness, on an imminent UK government document) kicks straight off with an opening line that’s a top-shelf example of hysterical sub-Daily-Mail scaremongering. But it’s the second line that makes it special.
“An independent Scotland would be more reliant on the banking sector than Cyprus or Iceland, making it vulnerable to a new financial crisis, a UK Treasury paper will warn this week.
The paper will say that a banking collapse would pose a “very serious risk” to Scottish taxpayers while uncertainty over the cost of borrowing would force financial firms headquartered north of the Border to move out of Scotland.”
Wait, what? We’d have to bail out all the banks if they crashed again, even though they’ll have moved out of Scotland? How does THAT one work, exactly?