Cotland ought to be capable to go away the UK and develop into unbiased with out taking over a share of the UK debt, insisted Alex Salmond’s new Alba social gathering.
The social gathering introduced the brand new coverage after figures launched in October final yr confirmed the UK authorities’s gross debt to be over £ 1,876 billion – partially attributable to large spending to take care of the pandemic coronavirus.
Mr Salmond, who was beforehand SNP chief, urged his former social gathering to take that stance on what Alba referred to as a ‘clear break settlement’.
This coverage contrasts with the SNP’s proposals printed earlier than the 2014 referendum within the Independence White Paper, which mentioned a separate Scotland would take a “negotiated and agreed” share of Britain’s debt.
Nonetheless, Alba famous that “as a proportion of GDP, debt has doubled for the reason that 2008 monetary disaster, when the federal government and the Financial institution of England launched into complete quantitative easing.”
The Alba Get together coverage – which was framed by economist and Alba Get together Central Scotland candidate Jim Walker – mentioned: “This debt is essentially owed by one department of presidency (the Treasury) to a different (the central financial institution ) and due to this fact doesn’t represent any official legal responsibility on the a part of the Scots or another folks.
The social gathering has made it clear that it “rejects solely any obligation to share the debt amassed by central financial institution cash printing and sees no position for Scotland in paying curiosity on that debt”.
Mr Salmond mentioned: “Austerity and the coronavirus have modified the financial world and utterly modified it. Thus, the independence platform should adapt to new realities.
“They convey with them many new challenges, but additionally nice financial alternatives.”
By not accepting any share of British debt, Alba argued that an unbiased Scotland would be capable to focus its sources on an financial restoration program, with the nation “free from the chains of British debt, or worse but, by pouring billions of kilos into the UK. Authorities in a weird annual grant ”.
The social gathering desires Scotland to create its personal forex “as quickly as potential” after independence.
In the meantime, Mr Salmond has clarified that if the social gathering succeeds in getting MPs elected to Holyrood in Thursday’s election, the social gathering will convey ahead a movement calling on the Scottish authorities to start out independence negotiations with Boris Johnson.
The previous prime minister mentioned: ‘If the folks of Scotland help Alba on Thursday, the primary week, we are going to desk a movement calling on the Scottish authorities to start out independence negotiations with the British authorities. The Scottish Parliament will then be capable to perform its job of independence.
He mentioned to attain this, Scotland would wish a “renewed platform of independence”, including that Alba’s new financial coverage doc was a contribution to this “important debate”.
In the meantime, economist Dr Walker argued it was “time for the financial advantages of independence to be recast for the post-Brexit period”.
He mentioned: ‘Our coverage on show at the moment is the Alba proposal and a proposal that we urge the newly elected Scottish authorities to undertake within the independence negotiations which we are going to ask parliament to instruct them to start with the British authorities.
“Scotland’s place will likely be infinitely stronger if we negotiate inclusively as a Parliament with a supermajority for independence, and never as a single political social gathering.