Today we saw the annual charade that is the UK Government’s Autumn Statement.
The current UK Chancellor said that next year the UK will have its biggest post-war debt, with the State’s debt standing at 90.2% of GDP, or over £1.6 trillion.
Think about this for a moment. The figures are so staggeringly large that they are meaningless for most of us.
While we’re talking about National Debts it’s worth looking at that of others across the globe:
France, 93% of GDP; Germany 82% of GDP; Iceland 99% of GDP; Italy 127% of GDP; USA 106% of GDP; Portugal 123% of GDP; Austria 86% of GDP; Canada 86% of GDP; Japan 238% of GDP
These vary somewhat annually, of course.
Now tell me, are these ‘countries’ (States) not independent?
The argument against Welsh Independence is that Wales cannot afford to be independent.
And these large states listed above can afford their independence? Really?
Contrast this to some of the smaller countries, and their National Debt-to-GDP Ratio:
Estonia 8.5%; Paraguay 11.4%; Switzerland 15.8%; Luxembourg 21%; Norway 34%; Latvia 36%.
And do these countries have an abundance of natural resources to support their economies that Wales doesn’t have?
If ‘affordability’ is the bench-mark for independence, then the UK clearly cannot afford to be ‘independent’.
Finally, on another announcement made today by the Chancellor, it’s worth noting that he will ‘give’ Wales an extra £400m over 5 years, that’s approximately £90m a year – the north Wales Health Board’s debt stands at £30m alone.
Compare this to the fact that London will get £3.15bn for housing.