The Council of Mortgage Lenders says that mortgages are likely to be more expensive in an independent Scotland, as would the costs of other borrowing.
Standard Life’s chairman said he hoped the company could stay in Scotland, but “If anything were to threaten this, we will take whatever action we consider necessary – including transferring parts of our operations from Scotland – in order to ensure continuity and to protect the interests of our shareholders.”
A secret cabinet briefing paper by Finance Secretary John Swinney, which has just been leaked, reveals Scottish Government fears about the state of the country’s finances.
The markets would punish Scotland with higher interest rates, leading to higher mortgage rates, dearer loans and higher credit card bills, plunging Scotland into an even deeper slump.
Even the Scottish government’s Fiscal Commission Working Group acknowledged that Scotland’s economy is better aligned with Britain than with the eurozone.
All the currency options for a breakaway Scotland are far worse than the present arrangements.
If Scottish people vote yes, they won’t know what currency they can use in the shops, what currency they would be paid in, what their savings would be worth, or what their mortgage would cost.
Warning a family member against walking off a cliff is not fearmongering.
Will Podmore
