Independent thinkers

A cloud has loomed over the National Association of Pension Fund’s investment conference in Edinburgh this week. Nothing unusual there considering Scotland’s typically steely skies, but this cloud has a decidedly tartan hue.

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A cloud has loomed over the National Association of Pension Fund’s investment conference in Edinburgh this week. Nothing unusual there considering Scotland’s typically steely skies, but this cloud has a decidedly tartan hue.

A cloud has loomed over the National Association of Pension Fund’s investment conference in Edinburgh this week. Nothing unusual there considering Scotland’s typically steely skies, but this cloud has a decidedly tartan hue.

The issue of Scottish independence has been discussed incessantly this week, with views and opinions varying wildly across the auditoria, exhibition stands and hotel bars. Many instinctively fear nothing good can come of independence for either side, but believe Scotland will come off worse.

Others believe that in a small independent Scotland, the financial services industry will have a much louder and stronger voice, similar to tiny but financial European powerhouses such as Luxembourg and Denmark.

The debate has informed almost every aspect of this year’s conference, from the viability of cross-border infrastructure investments through to whether the event should be held here at all.

The issue finally came to a head today, as a bleary-eyed audience heard chief secretary to the Treasury Danny Alexander – himself a Highlander – set out why independence would be such a bad idea for Scotland.

Alexander insisted that the cross-party decision to rule out a currency union was final, so Scotland needed to come up with a plan B fast. One reason such a union would not happen would be the risk faced by the rest of the UK of having to bail out Scotland at a later date.

“Alex Salmond can’t expect to walk away from the union while expecting English and Welsh taxpayers to stand behind Scotland’s economy,” he said.

“It would be like embarking on a damaging divorce and insisting on still sharing a credit card.”

As the conference winds down for another year and we all head to our homes across the UK, it will be interesting to see whether we’ll need to pack our passports when we return.

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