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Watching the progress of Scottish nationalism is like watching a teenager grow up. Last year, at the age of 18, Scotland’s devolved parliament finally...
Discontent with established politics erupted in the Leave vote during the UK’s EU referendum. But in Scotland it has found expression through support for the SNP (a party of protest and government). It would be wrong to infer from this that Scotland will now automatically vote for its own independence. But I do now think this will happen in my lifetime.
British regulators have finally published their report into HBOS, the bank formed from the merger of Halifax with Bank of Scotland, more than seven years after its collapse. The 600-odd pages contain much detail on events and personalities. But there are general lessons for all businesses. Avoid the diversifier’s fallacy. Beware the winner’s curse. Fear adverse selection.
The logic of English votes for English laws is irresistible. But the core issue is that it is genuinely difficult to identify purely English matters in a United Kingdom of which England constitutes 85 per cent of the population.
The Conservative prime minister is making the same mistake as Lord Robertson did in 1995 with plans to make Scotland “the strongest devolved government anywhere in the world”. The concept of the union is gradually being drained of any content.
It is — just — possible to visualise a UK in which the SNP is one of several power brokers in a more fragmented party system. But such an outcome requires imagination and co-operation beyond the capacity of most of the politicians who fill our screens.
Any action by the UK government that has tax or expenditure implications anywhere in the UK, whether related to reserved or devolved functions, will have consequences for tax and expenditure decisions in Scotland through the Barnett formula.