With the UK economy still stagnating (growth by a derisory 0.1% between Jan-Mar) and well known as the "sick man of Europe", it is interesting to note what is happening in the Republic of Ireland, an EU country that has recently announced it is seeking to invest its bumper windfall receipts (part of the fallout from Brexit?) into a sovereign wealth fund which could be used instead to shore up public finances in the future for day-to-day spending. On the back of rocketing corporate tax receipts, the Irish govt generated a surplus of more than £7B last year, despite spending on energy support packages and other measures. The Irish govt expects this to swell further, with budget surpluses totalling over £57B over the next four years, which could be used to tackle long term pressures such as increasing pension demands. Meanwhile here in Scotland, without the full levers of independence, the ability to save such levels of funding is a dream for us in Bella Caledonia, some one-off monies such as the £700M recently generated from the ScotWind offshore wind leasing round sale could be put aside. There is, of course, still the potential to use oil/gas and other resource revenues to set up a sovereign wealth fund, mirroring Norway with its wealth fund that now stands at more than £1.1T. The Irish situation of a small and agile economy in the EU, which has over the years broadened its focus away from a stagnating UK economy, may, dare I say it, prove to be an example to those of us north of the border if we are brave enough to follow it.
Indeed, I can remember a small trip to Dublin way back in the early 1990s with a guy who was part of the group and a Union-supporting man who observed with me how dramatically ROI had changed with tower cranes bristling all around the growing financial district; I predicted the Irish economy would overtake Scotland's economy. He laughed in my face at such a suggestion - WE HAVE TOO MANY PEOPLE IN SCOTLAND LIKE HIM, ALL PART OF THE "HOLD SCOTLAND BACK" BRIGADE!!
We need to change it, and quickly convince more n more people who can be convinced and are not entrenched in this kinda self-defeating mindset. Independence is normal!! Tell a friend!!
Indeed, I can remember a small trip to Dublin way back in the early 1990s with a guy who was part of the group and a Union-supporting man who observed with me how dramatically ROI had changed with tower cranes bristling all around the growing financial district; I predicted the Irish economy would overtake Scotland's economy. He laughed in my face at such a suggestion - WE HAVE TOO MANY PEOPLE IN SCOTLAND LIKE HIM, ALL PART OF THE "HOLD SCOTLAND BACK" BRIGADE!!
We need to change it, and quickly convince more n more people who can be convinced and are not entrenched in this kinda self-defeating mindset. Independence is normal!! Tell a friend!!