September 18, 2014 by Paul Goldsmith
Amidst all of the dire warnings made by the NO campaign of what will happen to Scotland if they vote for independence and by numerous Westminster politicians of what we might do to a Scotland if they vote for independence something is missing; an acknowledgement that it would be in the best interests of the Rest of the UK for Scotland to be successful. The last thing we need is to have a failed state on our borders.
Looked at positively, if Scotland go it alone and do become the prosperous country that Alex Salmond is insisting they will be should they become independent, the rest of the UK get a trading partner that will aid our economic growth. They do after all possess 60% of all the oil reserves in the EU and as Salmond has pointed out in the debates, that should never be presented as a disadvantage. They could provide well paying jobs for us too, as well as products that we want to buy.
If, however, we choose to act with the bitterness some have suggested, for instance by making the movement of labour and capital more difficult, by refusing to consider a currency union, or by becoming in any way protectionist, we can cause Scotland problems, but we cause ourselves problems too. If Scotland fails, an important trade partner fails, we could end up with economic refugees wanting to come south, and no one wins. This may sound extreme, but it is possible if we get it wrong.
Tomorrow, if it is a Yes, it will be in the best interests of the he rest of the UK to ensure that no one panics. The Bank of England mustn’t panic, the stock market mustn’t panic, bond holders mustn’t panic, no one should. It would help if we were clearer about how the UK was going to work with Scotland if there were a Yes vote. Instead, to try and stop people voting ‘Yes’ there have been threats galore of what they can’t and won’t have. We will gain nothing at all by impoverishing Scotland.