The economy of an Independent Wales

Wales wealth. How to get and how to spend it

Wales currency and how to pay for the investment.

[ The cost of border and trade and currency transaction costs ]

So if you have been following, a £31 billion investment commitment.

Before we get to that however, the remaining costs of Independence.

Border and trade costs.

It often appears as headline news when someone offers a report, usually an ‘ academic ‘ report,  into the costs of Independence.

There is however a noticeable, or perhaps not so noticeable, shyness about extolling the very many benefits of Independence.

There are so many figures, by so many different ‘ studies ‘  with so many assumptions,  membership of the EU, or maybe not, will there be a hard border, what trading group will Wales belong to and with what tariffs.

So many assumptions as to make these studies at best questionable

The economy of an Independent Wales

Wales wealth. How to get and how to use it,

A Wales Plan.

A major contribution to the SNP losing the 2014 referendum, was confusion in its future plans.

In the face of coordinated attack from the Westminster government, the media and vested commercial interests, it often showed a lack of clarity.

While a majority of the SNP membership wanted Scotland to have its own currency, the leadership, particularly Alex Salmond, argued for Scotland to retain the pound.

This uncertainty was unhelpful in a close campaign, it caused some in the financial sector to threaten to move from their Scottish bases and it handed the negotiating initiative to the UK Treasury.

The other problem was the Scottish government placing oil at the centre of its economic plan

The opposition to Independence made issues of the ownership and revenues from North Sea oil, the volatility of prices and the future of supplies and the future demise of fossil fuels.

All playing into the anti Independence narrative. 

 

Recently another ‘ academic study ‘, this time into the costs of Ireland unification.

The costs, they say, would be between £7 billion and £17 billion, although with such a variance you would think any respectable  academic wouldn't want it published

It is arrived at using the same unreliable and implausible  data that puts  N.Ireland, with 2.9% of the UK population, responsible for 23.7%  of the UK budget deficit.

£9.4 billion against £39.7 billion [ 2020 Government Expenditure and Revenue figures ]

The study also failed to take into account the savings of one united government, no border costs, a single financial and taxation system and the ability of the N.Ireland economy to grow in line with the Republic, rather than being restricted by a failed UK system.

No matter the veracity of the headlines, these are the forces coming Wales way as it nears its bid for Independence.

So ignore the doubters, the hesitaters and the users of dodgy data. Wales has a plan, a credible plan, a considered plan and a transparent plan.

A Plan to benefit Wales.

The economy of an Independent Wales                       

Wales wealth. How to get it and how to use it.

The New  Wales economy. How to start.

Wales has had its referendum, next is the transition.

The transition period, two years, was agreed between Scotland and the UK government, prior to their referendum.

This transition is when Wales draws up its necessary initial legislation in areas such as, currency, Central Bank, taxation. Although many others will be a continuation until a later date.

It will also be the time in which any agreements with the remaining UK [ UKr ] will be made.

This is a time for lawyers, civil servants and the politicians.

These posts concentrate on post transition. When Wales becomes Independent.

How does Wales start its economic journey?

Prior to the declaration of Independence.

Prior to the transition or referendum, Wales would have set out its economic plan.

How else would it have won a referendum?

This blog's suggestion is that it would go something like this