Take a moment to consider Scotland's sectoral balances. And how rarely Scottish households and businesses net save.
08.03.2026 15:17
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Take a moment to consider Scotland's sectoral balances. And how rarely Scottish households and businesses net save.
The £3bn comes from the Scottish government bond programme. It is a Scottish Government figure! I think you need to read the report again.
It's not opinion, Roy. It's evidence that you obviously don't want to hear. We make some bold claims, and despite your hot air, you can't counter any of them. Thankfully, other indy supporters are willing to engage with difficult bits of work.
What is incorrect, Roy? Are you arguing that wholesale bond payments won't leave the Scottish economy? That the Govt has considered the impact of indy on the debt? That they are not encouraging foreign ownership of assets? What have we got wrong?
Do you release how detached this is from our argument? This is the exact misdirected financial framing at the heart of the problem. You have merely given a financial market response not considered our main charges. You are defending the indefensible here.
It still means all interest payments will leak out of the economy, foreign ownership of assets is being encouraged, and no indy scenarios are being considered. The fact that it is a small amount does not counter the thrust of our argument.
That's all part of the structural problem, which is especially pronounced in Scotland. A lack of Scottish based businesses.
Did you read the report Roy? Be careful what you say about a detailed report based on FIOs from the Scottish Government. You could end looking rather silly.
Yes. The issue isnt the amount but the £s leaving the Scottish economy, more foreign owned assets, and lack of indy planning. Why have £3bn debt that can't be easy redenominated in Scottish Currency when you don't need to?
Tiny percentage.
I am sure we all feel the frustration as we watch political shows, "don't just accept the austerity narrative, push back!" Zack Polanski is doing a great job across the UK, but we don't have this pushback in other parts of the UK. So great to read this! www.thenational.scot/politics/259...
Why and how we invest in ourselves.
scotonomics.org/scottish-gov...
If, however, it is working towards independence, then surely this shows that the Scottish Government is taking unnecessary risks by ignoring the impact of foreign-currency debt? The authors are not sure which charge is the worst. Download the report here:
scotonomics.org/scottish-gov... 6/6
That the Scottish Government could pursue a decade-long debt issuance process that ignores the potential of Scottish independence is likely to provide ammunition for the charge that the administration is not seriously considering independence. 5/6
No consideration has been given to the impact of the bond programme on the finances of a post-independent Scottish Government. No doubt some readers will likely pause to reflect on this observation. 4/6
Senior civil servants made it clear that the Scottish Government Bond Programme is set entirely within the current constitutional framework. This was, in fact, implicit in civil servants' work. 3/6. A bond sold this year would mature in 2036! 3/6
The National covered our report today (may be pay-walled for some). The article only highlights one of the three main themes: "No planning, consideration, or scenarios assuming Scotland becomes an independent country were included in a process." www.thenational.scot/news/2589744... 2/6
If you were a party in power that was promising "a fresh start with independence," do you think you would consider the impact of independence when issuing £3bn worth of Scottish Government debt? This makes for very uncomfortable reading for all SNP supporters. 1/6
Scottish Government Bonds and Investing in Ourselves
Scottish Government Bonds and Investing in Ourselves Working Paper William Thomson (Scotonomics) and Jim Osborne (Scottish Currency Group). Download the full report On November 13th, 2025, the Scottish Government published its plans for a Bonds…
I have written a paper with Jim Osborne, and it will be released at 9am on 2nd March. Sign up to receive the paper in your inbox. scot.us21.list-manage.com/subscribe?u=... "Scottish Government Bonds and Investing in Ourselves"
Terrible if true. Oh, and it is!
www.thenational.scot/politics/258...
@williameconomist.bsky.social explains why "grandfathering" UK institutions will hold an independent #Scotland back.
Want to hear more? Listen to the whole conversation here or wherever you get your podcasts scottishindypod.scot/scottish-cur...
I should have said "Scotland's non-government domestic sector." It is a mouthful, that's why I often get it wrong! That is the technical name for all Scottish households and businesses.
Big ideas are easy — funding them is the hard part.
On 5 March we’re bringing together a fantastic panel to explore how Scotland can actually pay for a just transition.
Register here 👇
Always enjoy our chats with @williameconomist.bsky.social - even if he gives us homework!
I will be watching!
Scotland's Economics Festival is taking place in the Republic of Leith, 19-21 March.
Tickets for each talk start from only £5 and are available at www.scoteconfest.org
There are also some free talks and films.
This is an interesting read from the folk at @weallscotland.bsky.social
#Economy
Supported by a wide range of progressive organisations, the festival is rooted in the belief that the economy should serve people, place, and planet. www.scoteconfest.org/ Join us in Edinburgh (and online) 19th-21st March 2026.
