SNP

Alex Salmond’s speech on Monday was billed as a response to George Osborne’s rejection last week of a formal monetary union between an independent Scotland and the rest of the UK. But this formed no more than a quarter of the first minister’s speech. Mr Salmond was keener on rejecting what Mr Osborne said in 2010 (announce cuts to public sector spending) and what David Cameron said in 2013 (promise a referendum on UK membership of the EU), than what they said in 2014. Read more

In a lecture last year, Sir Nicholas Macpherson, HM Treasury permanent secretary and perhaps the most powerful old Etonian in Britain, explained the “Origins of Treasury control”. Sir Nicholas said that Treasury’s power came from three sources: conflict, links to Parliament and being able to outwit the rest of officialdom. All three were in evidence this morning, as George Osborne cited his top official’s advice and told Scots they can have independence or the pound – but not both. Read more

The Scottish National party today launched its white paper for an independent Scotland. It takes the form of a 670 page collection of FAQs, which on the face of it is more suggestive of a complicated electrical appliance than a manifesto for a new nation. Nevertheless, this is a historic and important moment in the history of Scotland. Read more

An independent Scotland would have to dramatically cut public spending or raise taxes, according to a report out today from the Institute for Fiscal Studies. As ever in the McPanglossian world of the Scottish referendum, the No side is saying this new evidence is further proof of the need for union, while the Yes camp is arguing that this is precisely why Scotland needs autonomy. Read more

In a departure from spouting errant Social Darwinist nonsense, Ernest Renan said that a nation depends for its survival on a “daily referendum”. The nineteenth century French historian meant that a country is no more and no less than an expression of collective identity. When that idea goes, so does the nation. Read more

On January 1 1993, Czechoslovakia split into Slovakia and the Czech Republic. The two new states opted to keep a monetary union. Thirty-three days later that union collapsed. Over the next five years, exports from each country to the other quickly fell as a share of total trade. Economists cite this as a dramatic example of the “border effect”, the lack of trade and capital flows between two areas due to a territorial limit. In a paper released on Tuesday, HM Treasury suggests that it also provides a warning to Scots: they will be poorer if they vote for independence and for a formal border to be established near Hadrian’s Wall. Read more