Debt duplicity

I am no economist, but has Prime Minister David Cameron pulled a fast one on Alex Salmond?

Since Scotland’s share of UK debt is less than 10 per cent of the total, would I be right in saying that underwriting the whole of the current national debt at the present low rate would be cheaper than attempting to pay off only the rUK portion at the higher interest rate which would result from the Salmond default threat? It appears that Salmond is being informed in barely disguised fashion that Scotland would have no say whatsoever in rUK monetary policy and that there are three unattractive alternatives:

1. Default and turn Scotland into a pariah state that doesn’t honour its debts.

2. Accept the Scottish portion and any future borrowing at a higher rate.

3. Humbly seek an accommodation with rUK to continue as a secondary borrower at a preferred rate.

Is this independence?

(Dr) A McCormick

Kirkland Road

Terregles, Dumfries