Wednesday, 4 January 2012

So wee eck, where is the extra 10 billion a year coming from?

This piece sent to me courtesy of Daye Tucker in Scotland asks if an. independant scotland will share the UK's triple A credit rating.
Personally I wonder how long it will take to become a bankrupt Euro basket case?

"‘So £13.2 billion of deficit, compared with GDP of £143 billion is about 9% – about the same as the UK is running right now, but way above a sustainable number (for example the uniformly ignored Maastricht limit for eurozone members is at 3%).’
This figure falls to 5% if you add North Sea oil into the equation. But North Sea oil production will fall dramatically. ‘So again, if I’m rating Scotland as a stand-alone entity, I worry what will happen going forwards,’ he says. "
It doesnt loook good!

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