Jim Cuthbert analyses the potential dangers of Scottish Government investment in Hub sub-debt, which may act as a form of ‘concealed’ borrowing from the secondary market.

The Common Weal Think-tank analysis of GERS 2017 reveals the economic opportunities of Scottish independence

Modest estimates by Common Weal show that an independent Scotland could be better off to the tune of at least £7.5 billion in comparison to the figures in the GERS paper published today effectively cutting the deficit by over half.

Richard Murphy argues that an independent Scotland could fix the inefficiencies and large scale abuses of the UK tax system if it took an entirely different approach, creating a system that works better for Scotland’s economy and society.

Previous reports determined that an independent Scotland should maintain its own currency. This report outlines how and why Scotland should form a central bank to manage that currency. The philosophy behind why a central bank is important is outlined with extensive reference to modern and historical precedents. Scotland’s central bank would be self-funded and self-sustaining once established and, indeed, should be publicly owned so as to generate a return for the Scottish Treasury.

The progress of devolution has led to the Scottish Government assuming more direct control over economic policymaking in Scotland and recognition has grown that Scotland’s economy is in many ways distinct from the economies of other parts of the UK. Modern economies as a whole have grown more complex and more interconnected and ever more data driven.

A study group comprised of members from Common Weal Inverness and InverYes undertook a detailed reading of the report published by the Sustainable Growth Commission and have collated their thoughts, opinions and recommendations ahead of attending the National Assemblies.

On the 25th May 2018, after more than 18 months of preparation, the SNP-commissioned Sustainable Growth Commission made its final report – entitled Scotland – The New Case For Optimism – which has been presented as a series of recommendations on which could rest the economic, fiscal and monetary case for Scottish independence in a future referendum campaign. This document does not cover the full gamut of policies which would be directly affected by independence nor does it cover the full range of institution building required by a nascent independent state.

Common Weal looks at Fiscal Policy and provides an alternative prospectus based on ensuring wellbeing and equality for the people of Scotland.

The quest for GDP and GDP Growth is not sustainable in a finite world and this should also be recognised by an independent Scotland. Metrics such as environmental impact, inequality and wellbeing are far more important and only by elevating them above the quest for “growth at all costs” can a truly fair and sustainable Scotland be created.

he UK’s model of economic development is based on a unproductive sectors which generate vast profits through four particular methods – financial speculation, asset value inflation, debt-fuelled consumption, and concentration and monopoly.

This report argues that Scotland, if independent, could improve its performance across 12 key pillars of its economy.

This phase of creating a resilient Scotland covers 2021-26 the five years of the next Scottish Parliament. It provides the detail of how the transformation envisaged can be achieved quickly, with a closer look at our economy, society and democracy.

The final stage of the Resilient Scotland Plan runs from 2025 with the upcoming Parliamentary session ending with Scotland becoming an independent country.  All of the work started in Part Two will continue and the work that could not start due to the limitations of devolution can now commence.  By 2045, the plan will be completely and Scotland will have been transformed into a net zero-carbon country with a resilient economy that works for All of Us.

This Technical Report is an annex to The Common Home Plan, a part of Our Common Home – A Green New Deal for Scotland.

There is an awful lot in the Plan. The following is a very quick summary of some of the key action points from the plan:

The introduction of a new currency needs to account for customer deposits and loans and the Sterling pensions guarantee.

Scotland’s wealth levels are comparable to those of AAA-listed nations and that, as an independent country - even without North Sea oil - Scotland will qualify for S&P's highest economic assessment.

The borrowing cap for the Scottish Parliament should be removed or lifted substantially so public expenditure can be used where needed; but, more importantly the Scottish National Investment Bank should be given full dispensation to act as a bank and thus capitalise from sources such as pension funds and lend to the public as well as private sector.  Public procurement should be entirely reprofiled with the public policy goal of supporting Scottish business and achieving the maximum number of manufacturing jobs.

Scottish Independence could be achieved through international recognition, even if Westminster were to refuse to accept result of referendum held without Downing Street’s consent.

40% Scots less likely to support Independence if Scotland had to join the Euro.