Submitted on Friday 14th February 2014
Published on Tuesday 18th February 2014
Current status: Closed
Closed: Wednesday 18th February 2015
Signatures: 13
Future Scottish share of the existing UK national debt
The possibility has been raised of a future independent Scotland refusing to take on its share of the existing UK national debt.
This debt is a result of UK govt spending to benefit citizens of all the UK. Indeed, spending on services in Scotland per head has been significantly higher than in England for many years. Also, the national debt significantly increased when 2 Scottish based banks, RBS and HBOS, needed UK govt help to avoid collapse.
It is fair to allocate the existing UK National Debt based on Scotland's % of the UK population.
In the event of a Yes vote to independence, the UK Govt must protect its position against a future Scottish default. Independence should not take legal effect without agreement that HM Treasury will remain the collection agent for all North Sea taxes and will only remit Scotland its agreed share after deducting interest on the existing UK national debt and an agreed annual repayment of the existing UK National debt.
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