Merchant banker, Guy Stenhouse, has written the above in the Herald. I almost gave up my support for independence when I saw the headline and found out he is a merchant banker.
Then I thought, wait, maybe he has an agenda. Maybe it’s not true.
There’s a problem though. As readers know, economics, trade, money…not my thang.
BUT, suspecting this Guy, I’ll just start the ball rolling and let readers vent themselves with their usual erudition on him. Can you vent erudition?
Anyhow, what about this starter from Professor David Bell?
Trade flows across the Anglo-Scottish border are substantial. Figure 1 shows the size of imports and exports (excluding offshore effects) relative to Scottish GDP from 1998 to 2018 (figures for 2017 and 2018 are provisional). While Scotland’ trade with the rest of the world (RoW) is almost consistently in balance, it runs a deficit in goods and services with rUK, which has averaged 5.7 per cent of Scottish GDP during the last ten years. This would be an issue for a Scottish government if it set up a separate currency and could not establish compensating capital inflows. On the other hand, the argument put forward by the Brexiteers was that the EU needed a trade deal with the UK more than the UK with the EU because of the UK’s trade deficit with the EU – so a similar logic applies to a Scottish/rUK deal?
Zo, applying my Sarwar-like common sense, wouldn’t English companies go apeshit with Boris if he didn’t allow a smooth border operation because they sell more to us than we sell to them?
This economics lark is easier than I thought. Who was that Guy?