This has to be a howling canard from Blair Jenkins, unimpressive head of the ‘Yes’ campaign for Scottish independence.
Mr Jenkins said that under an independent Scotland ‘it might well be’ that the banks would have been so well supervised that the 2008 collapse wouldn’t have happened.
This is plain daft.
Once let loose to play, the banks themselves had little idea of the complex vulnerability of the profit generation tactics they were inventing as they went along. No regulator would have had a clue.
And it’s not as if, in other spheres, the current Scottish Government has a track record as an assiduous and responsible regulator.
What is happening in the wind industry and in aquaculture are examples in Scotland of the same disastrous ‘regulation with a light touch’ UK-wide policy of the Blair/Brown regime that let the banks and other financial institutions escape even their own ken.
Mr Jenkins also seems to have missed the advice about what to do if you find yourself in a hole – stop digging.
A couple of says after this first gaffe, he made matters worse by insisting that Scotland cold have afforded the bail out of the Scottish banks.
It is estimated that the Treasury spent around £470 billion in saving RBS and HBOS from meltdown.
Even adding in Scotland’s share of North Sea oil and gas revenues, this £470 billion is no less than three times Scotland’s annual GDP.
The man’s a banana. These guys really do believe that saying something makes it so.