Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Silver Price Trend Forecast Summer 2020 - 3rd Jul 20
Silver Market Is at a Critical Juncture - 3rd Jul 20
Gold Stocks Breakout Not Confirmed Yet - 3rd Jul 20
Coronavirus Strikes Back. But Force Is Strong With Gold - 3rd Jul 20
Stock Market Russell 2000 Gaps Present Real Targets - 3rd Jul 20
Johnson & Johnson (JNJ) Big Pharma Stock for Machine Learning Life Extension Investing - 2nd Jul 20
All Eyes on Markets to Get a Refreshed Outlook - 2nd Jul 20
The Darkening Clouds on the Stock Market S&P 500 Horizon - 2nd Jul 20
US Fourth Turning Reaches Boiling Point as America Bends its Knee - 2nd Jul 20
After 2nd Quarter Economic Carnage, the Quest for Philippine Recovery - 2nd Jul 20
Gold Completes Another Washout Rotation – Here We Go - 2nd Jul 20
Roosevelt 2.0 and ‘here, hold my beer' - 2nd Jul 20
U.S. Dollar: When Almost Everyone Is Bearish... - 1st Jul 20
Politicians Prepare New Money Drops as US Dollar Weakens - 1st Jul 20
Gold Stocks Still Undervalued - 1st Jul 20
High Premiums in Physical Gold Market: Scam or Supply Crisis? - 1st Jul 20
US Stock Markets Enter Parabolic Price Move - 1st Jul 20
In The Year 2025 If Fiat Currency Can Survive - 30th Jun 20
Gold Likes the IMF Predicting a Deeper Recession - 30th Jun 20
Silver Is Still Cheap For Now - 30th Jun 20
More Stock Market Selling Ahead - 30th Jun 20
Trending Ecommerce Sites in 2020 - 30th Jun 20
Stock Market S&P 500 Approaching the Precipice - 29th Jun 20
APPLE Tech Stock for Investing to Profit from the Machine Learning Mega trend - 29th Jun 20
Student / Gamer Custom System Build June 2020 Proving Impossible - Overclockers UK - 29th Jun 20
US Dollar with Ney and Gann Angles - 29th Jun 20
Europe's Banking Sector: When (and Why) the Rout Really Began - 29th Jun 20
Will People Accept Rampant Inflation? Hell, No! - 29th Jun 20
Gold & Silver Begin The Move To New All-Time Highs - 29th Jun 20
US Stock Market Enters Parabolic Price Move – Be Prepared - 29th Jun 20
Meet BlackRock, the New Great Vampire Squid - 28th Jun 20
Stock Market S&P 500 Approaching a Defining Moment - 28th Jun 20
U.S. Long Bond: Let's Review the "Upward Point of Exhaustion" - 27th Jun 20
Gold, Copper and Silver are Must-own Metals - 27th Jun 20
Why People Have Always Held Gold - 27th Jun 20
Crude Oil Price Meets Key Resistance - 27th Jun 20
INTEL x86 Chip Giant Stock Targets Artificial Intelligence and Quantum Computing for 2020's Growth - 25th Jun 20
Gold’s Long-term Turning Point is Here - 25th Jun 20
Hainan’s ASEAN Future and Dark Clouds Over Hong Kong - 25th Jun 20
Silver Price Trend Analysis - 24th Jun 20
A Stealth Stocks Double Dip or Bear Market Has Started - 24th Jun 20
Trillion-dollar US infrastructure plan will draw in plenty of metal - 24th Jun 20
WARNING: The U.S. Banking System ISN’T as Strong as Advertised - 24th Jun 20
All That Glitters When the World Jitters is Probably Gold - 24th Jun 20
Making Sense of Crude Oil Price Narrow Trading Range - 23rd Jun 20
Elon Musk Mocks Nikola Motors as “Dumb.” Is He Right? - 23rd Jun 20
MICROSOFT Transforming from PC Software to Cloud Services AI, Deep Learning Giant - 23rd Jun 20
Stock Market Decline Resumes - 22nd Jun 20
Excellent Silver Seasonal Buying Opportunity Lies Directly Ahead - 22nd Jun 20
Where is the US Dollar trend headed ? - 22nd Jun 20
Most Shoppers have Stopped Following Supermarket Arrows, is Coughing the New Racism? - 22nd Jun 20

Market Oracle FREE Newsletter

AI Stocks 2020-2035 15 Year Trend Forecast

British Government Publishes UK, Scotland DevoMax Smith Report Suicide Note

Politics / UK Politics Nov 28, 2014 - 09:47 AM GMT

By: Nadeem_Walayat

Politics

The consequences of the panicking Westminister politicians making unlimited promises of DevoMax in the last days of the Scottish Independence Referendum campaign that sowed the seeds for the destruction of the United Kingdom have now started to become manifest in the Smith report that details the transfer of tax and spending powers to the Scottish Parliament which will amount to approx 50% of governance that would still be coupled with a NET subsidy to Scotland of approx £9 billion per year to be born by predominantly England's Wage slaves where now the Scottish parliament will also be allowed to print billions in debt without inflation or interest rates consequences as the debt will be underwritten by the United Kingdom that sows the seeds for stealth destruction of the United Kingdom as Scotland effectively sucks dry the financial blood of the United Kingdom. Furthermore the whole basis of the SNP argument of an Independant Scotland living off of North Sea Oil has already gone up in smoke following the collapse in crude oil prices!


Key New Scottish Powers

  • Total control over income tax - set income tax rates and bands.
  • All income tax raised in Scotland stays in Scotland.
  • Powers over other taxes such as VAT
  • Amend existing and introduce new benefits
  • UK Barnett Formula block grant subsidy to Scotland to continue.
  • Scotland to be allowed to borrow money in UK / England's name.
  • Power over a whole host of regulations such as motoring.

Delusional Scottish Nationalists who keep forgetting that Scotland voted NO to independence, response was as expected to claim that it was Scotland's right to both have ever greater powers all the way towards FULL independence but coupled with a continuation of the Barnett formula block grant that soon will be coupled with the ability of the Scottish parliament to borrow money (print debt) that would be underwritten by the United Kingdom and therefore results in the financial blood being systematically sucked out of England before the Scottish Parliament declares itself independant that risks leaving behind a hollow husk as Scotland will have succeeded in effectively stealing much of the wealth of the United Kingdom by means of printing tens of billions in additional debt on top of the £125 billion of Scottish debt that the UK is already saddled with, something that Scotland could never have done if Scotland were independant as I have often warned the consequences -

29 Sep 2014 - UK Saved From I.S. Threat But Scottish Independence Nightmare is Not Over!

The Damage Has Been Done

My series of articles whilst warning of the catastrophic consequences for scottish independence also warned that the damage had been done in that Britain was now been destabilised and may yet break apart.

Whilst a NO vote will prevent the United Kingdom from immediately disintegrating, unfortunately the damage has been done by the three westminister clowns who have promised DevoMax to Scotland which means England's wage slaves will be forced to pay even higher taxes for Scotland's socialists to squander on a bloated public sector and a whole host of freebies that would likely add another £500 on per capita spending to the current subsidy of £1600 per head (£1730 full account).

Source ONS

The bottom line is that there is going to be a day of reckoning for the Westminister clowns as England is no longer going to put up with the current gross inequality between the UK's four countries and will demand equity, a fair share, and devolved powers which means an end to Scotland, Wales and Northern Ireland's subsidies, which ironically means it will be the English who will END the United Kingdom but on their terms and not on today's Scottish Independence blackmail.

Unfortunately nothing will satisfy scottish independence fanatics other than the destruction of the United Kingdom, it does not matter even if Westminister politicians doubled the annual billions in bribes the cost of which to be born by English wage slaves for the tunnel vision fanatics will do what all fanatics tend to do which is to destroy that which they most profess to love. Therefore, as I have often voiced that the rest of the UK, England needs to take urgent action to protect itself from a Scotland that is determined to commit suicide else the UK, England will go down the same route and start to literally disintegrate into fragmented competing regions.

29 Sep 2014 - UK Saved From I.S. Threat But Scottish Independence Nightmare is Not Over!

The bottom line is that Britain has been seriously damaged, it remains to be seen the degree of damage as it manifests itself in the financial markets and economy as there is no workable solution to the West Lothian question as all of the proposed solutions result in a worsening outcome, where eventually the only workable solution I see will be to eject an ever more greedy and disruptive Scotland from the UK that will probably happen within the next 5 years.

Concluding UK / Scotland Long-term Forecasts

1. That Westminister will fail to deliver on any significant Scottish DevoMax due to the instability it will bring to the rest of the UK demanding similar powers.

2. That there will be no significant devolution in England, no English assemblies or English Parliament.

3. An outraged Scotland will increasingly demand a second referendum that would be agreed to within the next 3 years or that the Scottish parliament may just declare Independence without an referendum.

4. That Scotland will become independent within 5 years and that it will wreck havoc with the Scottish economy and social fabric of the border lands.

5. That the markets will start to heavily DISCOUNT Scottish Independence probably starting just after the May 2015 general election which will manifest itself in a relatively weaker sterling currency and much higher inflation that will average at least TWICE the inflation rate of the past 5 years i.e. At least 4% per annum with spikes of double that rate. Whilst Scotland will increasingly see businesses relocating south of the border.

6. That Northern Ireland, Wales and places such as Cornwall will see the catastrophe taking place in Scotland and put their own secession movements on hold for decades as they realise that they are far better off within the United Kingdom.

7. That within 2 years of gaining independence parts of Scotland will demand that they are allowed to rejoin the far more stable United Kingdom.

As things stand Scotland gets everything it wants in terms of spending but the bill is not being born by Scottish tax payers but English tax payers, a huge injustice that Westminister politicians will pay a heavy price for at the May 2015 General Election as voters in disgust to this and continuing out of control immigration turn to parties such as UKIP.

Source and Comments: http://www.marketoracle.co.uk/Article48400.html

By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2014 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

R.E.B
28 Nov 14, 15:59
Scottish debt

The notion of allowing the Scottish government to issue debt backed by English taxpayers is the single most stupid idea I can think of within this whole sorry scenario. How can they possibly think this a good idea?


Nadeem_Walayat
28 Nov 14, 20:02
Insanity

Its insane, they might as well say Greece or Zimbabwe printing debt backed by the UK tax payer. It cannot work, it's just selfish politiicans trying to buy themselves time in office.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules