Re:Scotland to seek second independence referendum
by mrec on Monday March 13, 2017 @09:52AM
(#13857799)
Is that still true? AIUI the Stability and Growth Pact [1] requires EU members to limit their deficits to 3% of GDP, and Scotland's deficit in 2016 was approaching 10% after North Sea oil revenues collapsed. Right now it's only fiscal transfers from England via the Barnett formula keeping Scottish spending afloat, and neither spending cuts nor tax rises are traditional political winners.
Which is not to say it's impossible (as some have, [2]); the EU has turned a blind eye when convenient before and I'm sure will do again. But many in the EU might be reluctant to go that route again after the way Greece turned out.
Which is not to say it's impossible (as some have, [2]); the EU has turned a blind eye when convenient before and I'm sure will do again. But many in the EU might be reluctant to go that route again after the way Greece turned out.
[1] https://en.wikipedia.org/wiki/Stability_and_Growth_Pact
[2] https://www.forbes.com/sites/timworstall/2016/08/25/scotland...