“The Nationalists look worried, I am told, about the upcoming Glenrothes by-election and no wonder. It's there for Labour to win now……. With banks being bailed out and markets melting down would Scots really fancy being on their own? Of course not.”
Both men point to Alex Salmond’s description of an ‘arc of prosperity’, whereby he wishes to add Scotland to a series of independent northern European states, perceived to have achieved economic success. One of the chief of these is Iceland, much to the satisfaction of Scottish Unionist. Another is the Republic of Ireland, which fell into official recession quicker than any other EU state other than Denmark.
After all the talk of small economies being nimble and therefore equipped to react swiftly to the market, it is those very economies which have proved most exposed to international economic turbulence. Global action and action by larger states and institutions are proving to be the instruments which must combat the financial crisis. Smaller economies are not insulated against the inclemency sweeping markets and the banking sector.