Achi news desk-
The Brown University political economist spoke at the Festival of Economics event organized by a group called Scotonomics – one of whose founders is former Aberdeen SNP city councilor Kairin Van Sweeden, who now sits as an independent.
The SNP says there is “overwhelming” evidence that other European countries are outperforming the UK economically.
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In a discussion with the hosts of the event, Professor Blyth was critical of some aspects of the debates for independence for Scotland, with clips of his comments being shared on social media.
In one, he said: “I completely understand the desire to be separate, but the idea that this is not going to hurt – ooft.
“You can’t really say that Brexit is the worst thing ever after committing the biggest Brexit ever. Which is literally what this is.
“So if you’re going to think about this, and be independent, you have to think very sensibly about what this means and how you’re going to develop income-generating assets to pay for things.
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“Why? Because at the end of the day as a small, open economy, which you are then, you need to balance your imports and your imports and your exports over the long term, or everyone thinks your money is shit currency.”
Investors dumping Scotland’s independent currency could lead to a “mini-Argentina” scenario, he said.
At another point, he said: “Scotland, especially in nationalist circles, likes to say that Scotland is a small, open economy like the Nordic economies.
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“That’s a bit like saying I’m a supermodel because I’ve got legs too.”
The SNP and other supporters of independence have often pointed to Brexit as a reason that Scotland would be better off economically leaving the UK and rejoining the EU.
However, Professor Blyth has attacked such arguments before – suggesting that in 2021 economic upheaval from independence would be “Brexit 10 time”.
Responding to his comments from the weekend, Tory economy spokeswoman Liz Smith said: “This is a devastating demolition of the economic case for independence by a former adviser to the SNP Government.
“It is a disembowelment of the absurd and unfounded assurances by Nationalists that tearing Scotland out of the UK would somehow be painless.
“The reality is that an independent Scotland would lead to a hard border with our biggest trading partner by far, and endanger our entire economy, which is already stagnating under the SNP’s high tax regime.”
Scottish Liberal Democrat economy spokesman Willie Rennie said: “It is bad enough for the SNP that their economic case for independence has been demolished by a leading academic but it is devastating that it has been demolished by a leading academic whose leadership SNP approved.”
But SNP deputy leader Keith Brown said the case for independence has never been stronger.
He said: “The evidence is overwhelming that other independent countries in Europe such as Ireland, Norway and Sweden are all fairer, richer and more productive than the UK – so, with all our advantages and talents, why not the Scotland?
“With people across Scotland paying the heavy price for Britain’s broken Brexit and no Westminster party offering any alternative, the case for independence has never been stronger.
“Whether it’s brutal and incompetent Tory governments or being dragged out of the EU against our will, Scotland is suffering from decisions taken in Westminster that ignore our interests.”
Scottish Government Energy Minister Gillian Martin attended another event at the Scotonomics conference.
He said: “The energy transition is an area where we may not even have the population capacity to deal with the number of jobs that are going to be out there.”
