UK = Economic Incompetence

Falling-Off-The-ChartThe NO campaign and their tame allies in the media continue to try and assert that independence for Scotland is a risky business. It’s an uncertain world out there and it is far better to stay with the UK. Think of all the financial strength and security that comes with the UK. Well, indeed, let us do just that. For one thing that is certain is that no matter how far back one goes, the UK is pretty much synonymous with economic mismanagement. To avoid a lesson in ancient history, let us just focus on the post war period. The 1940s were of course years of austerity, though the effort to win the war was a major contributory factor in this. However it is also the case that despite some impressive social achievements, the Labour government did little if anything to improve the British economy. By the late 1950s, now under Tory rule, government unwillingness to undertake effective reforms in the economy led to continuing balance of trade problems and the rise of our old friend, boom and bust. The Labour governments of the 1960s, though aware of the need for change proved equally incapable of fundamentally changing the economic performance of the UK. This of course led to the infamous devaluation in 1967. Things did not improve in the 1970s, whether under Tory or Labour rule and culminated in the humiliation of asking for help from the IMF. Labour’s failures then ushered back in the Tories, but this time a more vengeful kind of Tory – the disastrous Thatcher years of the 1980s, with the almost final destruction of British industry and the ever upwards rise of the financiers in the City of London. The 1990s saw more Tory rule under John Major and even greater economic mismanagement with soaring interest rates and the humiliating expulsion of sterling from the ERM. The first decade of this century gave us the dubious benefits of New Labour with Tony Blair and Gordon Brown at the helm. They too proved unable to provide long term stability and competence to the UK economy. Instead they presided over the biggest financial collapse in our recent history. Pandering to the financiers in the City of London did nothing for the rest of us. Now we have a Tory led coalition with the LibDems and for this privilege we have to suffer through a seemingly unending period of austerity, with drastic cuts to our public services. At the same time as the rich continue to get richer. This in a nutshell is the Union dividend. The next time the NO campaign assert that independence is a bit of risk, remind them that staying with the UK carries the greater risk – we have the certainty of economic failure every decade or more. What could be more riskier than that! Time for Scotland to break free from the dead and incompetent hand of London rule.

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