The downgrading of the UK’s triple-A credit rating for the first time since 1978, and inevitable fall in the value of sterling, is not only a bitter blow to the UK economy, but has torpedoed one of the key arguments of those opposing Scottish
independence (your report, 25 February).
We have for years been told of the merits of being in the UK due to its credit rating, but this bubble has now been burst, with the warning by Moody’s that growth remains “sluggish” over the next few years. The UK is now at risk of slipping back into recession for the third time since 2008.
Contrast this with the news that investment in North Sea oil and gas is at a 30-year high, with companies looking for offshore energy investing £11.4 billion in 2012, a figure that is set to rise to £13bn this year.
The number of projects submitted to the Department of Energy and Climate Change and given development approval almost doubled between 2011 and 2012, and there are still 24 billion barrels of oil to be recovered, with an estimated wholesale value of £1.5 trillion.
Scotland is shackled within a declining UK that is simply gobbling up our black gold to fill a black hole in the UK Treasury, and until we in Scotland have the confidence to control our own affairs we only have ourselves to blame for this depressing situation.
Like many of your readers I also feel it is outrageous that credit agency Moody’s has downgraded our AAA status due to Treasury incompetence in oil-rich UK.
Only a few weeks ago the Scottish people were repeatedly told that Scotland would lose our treble-A status should we vote for independence in 2014.
Now that the wheels have gone in reverse it appears that our one and only chance to regain our prized AAA status and economic growth is indeed to vote Yes for independence.
Donald J Morrison