UK spirit of cooperation helps Scotland

Liberal Democrat Business Secretary Vince Cable MP has questioned SNP claims that the recession was “made in London.”

John Swinney made that claim in his speech to the SNP conference on Friday. Mr Cable has highlighted the actions that were taken by the UK government to deal with the banking crisis as an example of how Scotland is best served by staying a strong part of the United Kingdom.

Mr Cable was speaking while on a visit to Orkney with Scottish Liberal Democrat deputy leader Alistair Carmichael MP.

Commenting, Mr Cable said:

“In the good times, when oil prices are buoyant and yields from the North Sea are high, Scotland contributes a great deal to the UK’s economic output. But in the lean times, with oil prices and production liable to great variances year on year, the great strength of the UK is being able to absorb those fiscal fluctuations.

“We saw this in 2008 with the failure of RBS. Scotland was a small country attached to a very large bank with a balance sheet far in excess of Scottish GDP.

“The bailout provided by the UK taxpayer meant that savings and investments were secured and that Scotland was not left to deal with the crisis alone.

“It is that spirit of cooperation, helping each other when times are tough, that is the basis of the United Kingdom.

“In other areas too, like the Green Investment Bank that my department is driving forward, Scotland can benefit from being part of the UK.

“Remaining a strong part of the UK, rather than trying to go it alone, is the best way for Scotland.”