Scotland calls for share of £1.3tn UK assets stockpile

Scotland has rebutted claims from the UK that a vote for independence will be punitively expensive, stressing the economy’s strength and demanding its fair share of assets in the event of a break-up of the union.

Scotland is calling for its share of £1.3tn (€1.6tn) of UK assets to help support an independent Scottish economy, which finance minister John Swinney said is already one of the richest in the world.

“Everyone in Scotland has contributed to this £1.3tn stockpile of UK assets and Scotland is entitled to a fair share, giving us an even stronger base to build on,” he said.

The assets include buildings and property, but also payments due to the UK government and a share of UK government investments, he added.

“In the case of physical assets overseas or defence assets that cannot be transferred or shared with Scotland, then the result will be for Scotland to receive a cash share of their value or to see our share of UK debts reduced,” he added.

Scotland votes on September 18 over whether or not to become independent.

The minister was speaking ahead of a breakdown of the Westminster government’s estimates of the costs of independence and Scotland’s budget deficit due today.

Earlier this week, the UK finance ministry said that Scotland had not fully budgeted for setting up a new administration that could cost Scottish taxpayers over £1.5bn.

“Scotland has benefited from all the UK’s assets for many years and will continue to do so if it remains part of the UK,” said a spokesman for the UK government’s Scotland Office, adding negotiations over a post-independence settlement could only take place after the vote.

Mr Swinney said that high Scottish national debt, a source of concern for those sceptical about Scottish independence, could be reduced by offsetting it against assets.

The Scottish government estimates that by offsetting £10bn of assets in this way, the independent nation could save £400m on paying off UK debt every year.

* Reuters