Crucially, this UK national debt has only really swollen to crisis level over the past 30 years: it is a new problem. It has only been bearable during a period of low interest rates. The debt has rocketed despite the family silver having been sold off. There is nothing left to sell and, as Mr Jamieson points out, the day of reckoning must come.
However, with the days of two-party politics long gone, the UK is unlikely to elect the strong government with an unassailable majority which is required politically to take the unpalatable measures required to tackle this huge debt. And what happens if interest rates start to rise?
I agree that the UK’s masssive debt should be a major issue in the independence debate.
Bearing in mind that Norway has a huge oil fund, Scots have to ask why, after 30 years of North Sea oil booms and large-scale UK Government income from privatisations, Scotland would actually end up saddled with a share of the UK’s record debt.
We have been ruled by economic buffoons in London for too long.