“[However the UK’s public debt is split ] …in all cases, the UK’s debt to GDP ratio will rise, with possible consequences for its credit rating. At the same time, Scotland’s debt burden will be lower than the UK’s in all cases.”

(http://niesr.ac.uk/blog/scottish-independence-and-uks-debt-burden)

Whatever uncertainty there is has been caused by the UK Government. By refusing to even mention those assets it gives cause for concern that it might not be amenable to the equitable settlement sought by the Scottish Government. The “jitters” supposedly suffered by the financial markets is further aggravated by the UK Government attacking the Scottish Government’s proposal to maintain the sterling zone while refusing to say whether it intends to abolish the currency union if Scotland votes Yes.

The situation is not helped either by the UK Government’s refusal to say whether it intends to oppose Scotland’s continuing membership of the EU. Or their refusal to seek an opinion on this matter from the European Commission.

In fact, the whole anti-independence propaganda campaign being conducted by the UK Government, the British parties and Better Together seems almost designed to generate nervousness in the money markets. From talking down the value of oil reserves to threats of border controls and low-level economic warfare, the whole thing is a massively irresponsible exercise in generating fear and uncertainty. The only surprise is that there has not been an earlier and more adverse reaction from lenders.

Is there really any cause for concern? Dr bell is at pains to point out that, “If it was shared equally across all of the UK population, Scotland’s interest charges on the debt would be around £4bn.”. What he neglects to mention is the fact that this charge is already being met by Scotland from Scotland’s resources. It is not being paid on our behalf by a munificent British state. The full charge on debt is met from the combined resources of the entire UK. If Scotland’s share of the debt is to be calculated on a population basis then so must its contribution to the repayment.

The question of how much debt Scotland will be left with after independence may not be amenable to a definitive answer, this being something that would be subject to negotiation. But this does not mean that it is a complete unknown. The amount is only variable within certain parameters. The minimum may, in theory, be zero. But this relies on the (hopefully) unlikely scenario of the UK/rUK Government behaving in an extraordinary manner. The maximum must be a population-based share. And the question of who would pay that, and how, is easily answered – the same people as are paying it now, from the same resources that currently enable us to pay our way.

Scotland’s independence does not entail nearly as much uncertainty as British nationalists try to make out. What uncertainly does exist is being caused entirely by the irresponsible behaviour of UK Ministers.