Thanks, Scott, That rings a bell. …

Comment posted £6million for next generation community buy outs – ‘Britain’s new radicals’ by newsroom.

Thanks, Scott, That rings a bell.

newsroom also commented

  • It is still in progress.
  • Thank you for the correction. Was there a filling station that had been part of the businsss that was bought by the community?
  • Talk to Tayvallich quickly – and contact Community Land Scotland at once.
    Depending on when the auction is, you may be able to register an interest in time to halt that process.
  • Thanks for the Dick Gaughan link – new to me but an intriguingly different version from the Billy Bragg one which is the first and only version I’d previously heard.
    Lynda

Recent comments by newsroom

  • Indy, the banks and the Scottish economy
    Suppose you supply and source the factual numbers you’re talking about and we’ll take it from there.
  • BBC indy debate: incoherent uncontrolled unedifying bear pit
    Alex Salmond has, in each of his two debates with Alastair Darling, specifically asked voters to give him the mandate to negotiate for the specific prospectus in the White Paper on Scotland’s Future; and to give him ‘the mandate to keep the pound’.
  • Mario Draghi and Carwyn Jones point to financial policy and currency issues
    Here is the ECB’s charting of the progress [downwards] of the euro against the pound from September 2013 to 26 August 2014.
    https://www.ecb.europa.eu/stats/exchange/eurofxref/html/eurofxref-graph-gbp.en.html
  • BBC indy debate: incoherent uncontrolled unedifying bear pit
    In relation to our comment above, the detail of the United Kingdom government’s financial commitment to stabilising the Royal Bank of Scotland alone in 2008 was a total of £320 Billion – £45 Billion in recapitalising RBS to protect deposits and savings; and £275 Billion in guarantees RBS was given through the United Kingdom’s Asset Protection Scheme.
    This total of £320 Billion represented 211% of Scotland’s GDP in 2008 – and that figure includes Scotland’s geographical share of North Sea assets. How would an independent Scotland be able to stabilise the RBS at this level, were it to be headquartered here and suffer a similar failure in the future?
    A useful point of comparison is that the United Kingdom government’s total financial intervention across the entire banking sector at that time was a total of almost £1.2 trillion – 76% of the GDP of the entire United Kingdom for that year, including Scotland.
    In the event of an independent Scotland pegging a Scottish pound to the continuing United Kingdom pound, if the banks did not restructure and kept their headquarters here, our financial sector would be a worryingly large proportion of our GDP.
    And if the banks moved south, as is virtually inevitable, their departure would undermine Scotland’s standing as a financial centre.
    This is cold-headed fact and analysis – there is no adventure or thrill of risk here. But it demonstrates the folly of proposing to bin the level of stability and reassurance Scotland’s financial sector currently presents.

  • BBC indy debate: incoherent uncontrolled unedifying bear pit
    You neglect to allow for the fact that Scotland would be moving from a position of financial security to one of uncertainty. It has been supported in the de facto currency union of the United Kingdom by the traditional lender of last resort of the Bank of England and the larger economy of the United Kingdom. Together these proved their worth in the successful intervention of 2008 to stabilise our collapsing banks.
    The particular and negative change of circumstances of an independent Scotland pegging its currency unlicensed to the pound and without a lender of last resort would provoke extreme caution in the markets; which would be driven beyond caution by any decision to default on its share of the National debt, which is a debt of honour for Scotland.
    The lack of a lender of last resort would lead to a flight of capital from Scotland.
    Banks would have no alternative but to migrate their HQ’s to retain the Bank of England as lender of last resort. 2008 lives in the recent memory. Many individuals, households and businesses – a proportion of which will support independence, will nevertheless protect themselves by transferring their assets and transactions to the care of financial institutions which are protected by the Bank of England.
    Individuals, households and businesses, in a period of uncertainty, have no option but to defend what they have earned and built up to assure their futures and those of their families, employees and investors. This is not a matter of lack of confidence. It is a matter of the instinctual survival instinct that individuals and businesses each experience.
    Prior to the pegging of its currency to the US dollar, we are unaware of the Cayman Islands having enjoyed a similar status to the United Kingdom’s as a leading financial sector centre.
    In their circumstances, pegging their currency to the US dollar therefore moved them up in the reliability stakes; where Scotland would be a much less secure bet than it has been – and the markets do not respond well to movements in that direction. Borrowing costs would increase and investment would hold back.
    In comparing the Cayman Islands with the United Kingdom, you are not comparing like with like – one of the standard devices of a doorstep salesman.

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13 Responses to Thanks, Scott, That rings a bell. …

  1. Being originally from Campbeltown, I am glad that the Gigha folk were able to buy their island, and the aerodrome at Machrihanish was bought. But, my question is, why should I as a tax payer, and all other tax payers have to support them and give handouts? Would it not be fairer to arrange reduced fees and interest from the state owned banks instead of public money (remember the government has no money, it is ours) I would like help to pay for my home, which the nasty bank actually owns till my mortgage is paid off, but there doesn’t seem to be a queue of politicians coughing up cash for that.

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  2. I much prefer Dick Gaughan’s version of from his, in my view wonderful, album ‘Handful of Earth’.
    http://www.dickgaughan.co.uk/discography/dsc-hoe.html

    Also, I would just point out that large estates can receive enormous sums from the public purse under a variety of ‘schemes’ which contributes to their survival in their present form. So it could be seen that this contribution from the public purse is a small ‘balancing’ measure.

    Like or Dislike: Thumb up 0 Thumb down 0

    • Thanks for the Dick Gaughan link – new to me but an intriguingly different version from the Billy Bragg one which is the first and only version I’d previously heard.
      Lynda

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    • Talk to Tayvallich quickly – and contact Community Land Scotland at once.
      Depending on when the auction is, you may be able to register an interest in time to halt that process.

      Like or Dislike: Thumb up 0 Thumb down 0

      • Generally good news here, but do be aware that the Tayvallich scheme does not include a filling station.

        Your own post refers:

        Tayvallich community now own village business
        Posted on November 7, 2008

        Good luck to Tarbert.

        Like or Dislike: Thumb up 0 Thumb down 0

      • It looks like the auction is on 20th March. I am trying to contact the Tarbert community council to see if there is any appetite for this locally. I am also interested to know whether a similar option is available for another local landmark that has been closed and is in danger of falling into disrepair – The Columba Hotel.

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