An academic has suggested that the UK Government could regret its handling of the debt and currency issues in the independence debate.
Professor Paul Cairney, of Stirling University, yesterday questioned the “assumption” that the SNP’s threat to walk away from UK debt would be seen as “remarkably irresponsible”.
He outlined an alternative scenario, whereby Scottish ministers would be perceived to have had little option.
“It rejects a currency union and it has already decided to pay the equivalent of Scotland’s share of the debt,” he wrote of the UK Government’s position.
“The UK regards itself as the ‘successor state’ and, as such, has agreed to maintain its control of all assets and liabilities.
“In this context, Salmond and colleagues have not made irresponsible threats. Rather, the Scottish Government has not been given a choice, since the UK Government has decided not to share.
“More importantly, the Scottish Government would not default on its share of the debt, because it has no share on which to default.
“It ‘loses the pound’ but is remarkably debt free, and shoulders no blame for the outcome. No assets, no liabilities.”
Prof Cairney said he was not making a prediction.
“What I’m saying is that, if the currency debate continues to dominate, and people want to hear something new in the next Darling-Salmond showdown, maybe this is what they’ll get,” he explained.
“And maybe, next time, the debate won’t be so one-sided.”