MuckleJoannie Posted July 12, 2014 Report Share Posted July 12, 2014 The Bank of Scotland is a wholly owned subsidiary of the Lloyds Banking Group, whose head office is at 25 Gresham Street, City of London. Quote Link to comment Share on other sites More sharing options...
Wheelsup Posted July 12, 2014 Report Share Posted July 12, 2014 Yes, currently, but the Nats might nationalise it ? as they already think they own the B of E and pound. . I know a lot of people that are considering switching to wholly English or overseas accounts. Quote Link to comment Share on other sites More sharing options...
tonydog Posted July 13, 2014 Report Share Posted July 13, 2014 Are more fancy picture painting , if anyone thinks a new country with no history of borrowing will pay the same as Germany is deluding themselves and others .I don't think it will pay much more but even half of one percent will affect usThen not one mention of Scotland having to borrow money from someone else but want to set up a oil fund Would anyone out there go to your bank manager and ask to borrow money every month to set up a savings account it's utter madnessAnd as ever if's it will just the same as before if we vote yes ,if so why vote yes? Quote Link to comment Share on other sites More sharing options...
Who Knows Posted July 13, 2014 Author Report Share Posted July 13, 2014 (edited) The Bank of England was nationalised by the UK in 1946. This is confirmed on their website. http://www.bankofengland.co.uk/publications/Pages/foi/disc111220a.aspx The United Nations Vienna Convention on the creation of new nation state from a larger state that the assets and liabilities should be split on the same basis were one nation does not claim continuing status. http://legal.un.org/avl/ha/vcssrspad/vcssrspad.htmlhttp://www.legalserviceindia.com/articles/insu.htm The basis of the argument that Scotland partly owns the Bank of England is based upon it should therefore inherit its fair share of that assets as it should share any UK debts. The Bank of England has the UK gold Reserve amongst other assets. Although Barclays was not bought out by the UK Government it borrowed more from the US Federal Reserve than any other UK bank $868 billion and sought £7.3billion mostly from the Middle East to wheather the Banking Crisis.http://www.sott.net/article/250592-Audit-of-the-Federal-Reserve-Reveals-16-Trillion-in-Secret-Bailoutshttp://news.bbc.co.uk/1/hi/business/7701405.stm The purchase of ABN Amro, outbidding Barclays, is often sited as the straw that broke the camels back and the UK Government lead by Gordon Brown and Alistair Darling should never have let it happen according to the UK parliament select committee. http://www.theguardian.com/business/2012/oct/19/regulator-rbs-abn-amro-financial-services-authority A lot of people own the house they live in rather than rent but do so by having a mortgage secured on the house. A lot of people who have a mortgage also have a savings accounts or owns stocks and shares. The principle being you finance your capital expenditure over the life time of the asset will paying for your day to day expenses out of revenue and set aside the surplus to savings. The same principles can apply to countries as well. Risk to a lender is not solely based upon past lending history but ability to pay debts. Borrowing for capital investment rather than day to day expenses carries the least risk. The UK Government is now paying £1 billion a week in interest charges on loans and is still borrowing to fund revenue expenditure. http://www.debtbombshell.com Edited July 13, 2014 by Who Knows Quote Link to comment Share on other sites More sharing options...
Who Knows Posted August 14, 2014 Author Report Share Posted August 14, 2014 (edited) Only $3 a barrel to extract oil from the Clair Ridge field according to BP's own promotional video puts a significant whole in the assumption made at the Cunningsburgh Show yesterday by Ruth Davidson, Alistair Darling and the OBR assumptions used in the economic report that future oil reserves will be significantly more expensive to extract reducing profits and thus tax revenue. http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-23681061 Further as the BBC article also highlights the production from this field is significant, 640 million barrels, and is further evidence the OBR assumption that there is only 10 billon barrels of recoverable remaining is a gross under statement of facts. The UK Government has form on concealing and with holding data on the impact of oil as the 1974 McCrone report illustrates. http://en.m.wikipedia.org/wiki/McCrone_report The current price of North Sea oil is $104 at time of writing in link below. Government income from oil is based upon profit so at a cost of only $3 each barrel has a gross profit of $101. The tax charged on oil is estimated to be roughly 62% for new fields. http://www.wtrg.com/daily/brentcrudeoilprice.html Edited August 14, 2014 by Who Knows Quote Link to comment Share on other sites More sharing options...
Who Knows Posted August 16, 2014 Author Report Share Posted August 16, 2014 Xcite Energy announce oil development in the Bentley Field starting production in 2016 and lasting to a least 2050 and using new technology to ensure low cost extraction system is used provided further evidence that oil is not running out soon and the OBR forecast are to conservative. http://www.energyvoice.com/2014/08/video-north-sea-resource-produce-700million-barrels/ http://www.newsnetscotland.com/index.php/scottish-economy/9594-huge-north-sea-oil-find-enough-to-produce-for-over-thirty-five-years As all Shetland know with the ongoing development at Sullemvoe that Total will be bringing on two new field one of which contains 20% of the known gas reserves. http://www.laggan-tormore.com Quote Link to comment Share on other sites More sharing options...
Who Knows Posted August 18, 2014 Author Report Share Posted August 18, 2014 (edited) A 7% budget surplus worth £12 billion in 2020 awaits an Independent Scotland, the Sunday Times, reported yesterday. Sizeable budget surplus are forecast for well in to the future with the ability to create a self sustaining oil fund. http://www.thesundaytimes.co.uk/sto/news/uk_news/scotland/article1447959.ece This is based upon a report by the a political organisation N-56. The full report and short video can be found on their website. http://www.n-56.org The report as other have concluded believe both the OBR and UK Government are significantly under playing the amount of oil reserves in the North Sea. The OBR assumes just under 10 billion of barrels being extracted by 2040 generating £57 billion in tax receipts. The report uses industry estimates that there is 24 billion barrels of oil to extract generating £365 billion in tax receipts. http://www.heraldscotland.com/politics/referendum-news/financial-times-investors-magazine-westminster-is-playing-down-potential-oi.24868958 Past performance of successive UK Governments evidence a pattern of concealing the facts when it comes to North Sea oil. http://wingsoverscotland.com/fool-you-twice-shame-on-you/ These forecasts surplus assumes paying for all existing commitments on Pensions, NHS, free universal education and all the other commitments and then still having funds available to invest base upon local priorities. Thus ending the austerity agenda from Westminster that is currently scheduled to last well in to the 2030's. Edited August 18, 2014 by Who Knows Quote Link to comment Share on other sites More sharing options...
Who Knows Posted September 3, 2014 Author Report Share Posted September 3, 2014 Oil is it lots of oil or lots and lots and lots of oil that is out there to supply jobs for over 100 years? Well those in the industry are forecasting 100 years of work left and well lots and lots and lots of oil may be a conservative estimate. http://www.oilandgaspeople.com/news/1039/scottish-west-coast-untapped-oil-and-gas-reserves-worth-trillions/ Quote Link to comment Share on other sites More sharing options...
blue beetle Posted September 3, 2014 Report Share Posted September 3, 2014 The only thing certain about oil is that if the people of Scotland have the good sense to vote YES on the 18th of September then England,s oil boom is finished. I expect that's why Westminster politicians are so terrified of Scottish independence.Lets face it in the 1970,s before Westminster had Northsea oil to prop up their economy the IMF were helping Mr Healey run the treasury. Quote Link to comment Share on other sites More sharing options...
Who Knows Posted September 7, 2014 Author Report Share Posted September 7, 2014 £54 billion shortfall in the OBR economic forecast for tax receipts in 2013-14 leading to higher public sector borrowing than planned and continued austerity measures that are driving more people in to poverty. http://opinion.publicfinance.co.uk/2014/06/mind-the-tax-gap/ This confirms three things: 1. Economic forecasts are not tablets of stone of fixed certainty of what the future hold.2. IFS report heavily based upon OBR forecasts is therefore unlikely to be correct and the IFS accept this as they warned it is inherently difficult task.3. That all tax receipts are volatile in nature, not just North Sea Oil tax receipts as they only account for £4 billion of the shortfall. This tax gap of £54 billion is of course greater than the entire Holyrood budget for Scotland. Quote Link to comment Share on other sites More sharing options...
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