The Bank Of The Clyde 192
Of all the dishonest memes regularly put around by the Unionist side in the Scottish constitutional debate, the most bare-faced is the notion of the “fiscal transfer”. Part-time pretend economists harp on endlessly about how the UK “transfers” money (the current popular figure is £9bn) to Scotland to balance the books every year, as if it was a munificent gift out of the sheer kindness of Westminster’s heart.
The reality, of course, is that it’s a loan, which Scotland has to pay back with interest. If an independent Scotland ran a deficit – like almost every country on Earth – it could take that loan out from any number of possible lenders and carry on as normal.
It is in no sense whatsoever an argument for Scotland staying in the Union, because it’s completely irrelevant to the Union, except in so far as that the only reason Scotland needs to borrow money at all is because it’s been part of the UK for the last 40 years and has been left impoverished as a result while a very similar neighbouring country has become wealthy beyond imagination.
But still, let’s indulge them for a moment and assume there really is a £9bn hole in Scotland’s finances. Is there anything we could do to reduce the size of it significantly? Well, since you ask, we have some poll data on that.





























