The Bank’s Holiday 89
Posted on
August 26, 2013 by
Robert Bruce
The debt Scotland stands to inherit as an independent nation is often used as a stick to beat the Yes camp, and various “estimates” of the size of said debt – ranging from the merely extreme to the comically deranged – are a core element of the scare stories that suggest Scotland would have a fragile economy prone to collapsing the first time there was a bad year for oil prices/production.
But to understand the reality you need to dig a little into the nature of the debt, as the relatively widely-known figures of outstanding UK debt only tell half the story. Delving into the (deliberately) labyrinthine world of finance is a daunting task, but we’ll keep this as understandable as we can.
