THE independence movement is going round in circles and getting nowhere fast. Some might say we are “lost” but to become lost you have to have set off on some direction in the first place. We aren’t “lost”, we are stuck.
We are stuck because there is no clear leadership and too much reliance on having some complete plan which sets out all the steps to be taken to get from here to there.
There cannot be any such plan because the future is not predictable. We have to find a way through a jungle of uncertainty.
With the exception of the SNP hierarchy, the independence movement has some conception of a purpose for independence and a sense that things need to fundamentally change to achieve it.
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It is pretty obvious that the SNP leadership and Scottish Government envisage independence as a continuation of the status quo under a limited constitutional form of independence – independence in name only (INO).
Creating a resilient wellbeing economy through independence is the basis for a broad consensus about a future we would like to achieve.
However, campaigning for such a “vision” – knocking on doors, leafleting, street stalls, rallies, etc – has failed to make any greater breakthrough in building a level of public support for and belief in Scottish independence than campaigning for “INO” has achieved.
Too much talking, not enough “doing”. Too much thinking that only the achievement of independence is when we can start to change things – the so-called “fresh start with independence”.
This is the very manifestation of going around in circles. We will never achieve independence by waiting for it as the motor of change. Independence has to be understood as the accelerator of change.
Change must and can start right now by “investing in ourselves”. Investing in ourselves is about using the financial capacity we have, limited though it is at present.
We can do this by harnessing the assets we have in our local government pension funds (£75 billion) and in the savings which households have in cash ISAs (£30bn) and stocks and shares ISAs (another £30bn).
These savings can be invested to support the development of our pre-independence economy and build the institutional capacity with which we can “hit the ground running”.
Scottish Government and local authority borrowing for capital investment can be financed from the savings of the Scottish public and the funds managed by Scotland’s local government pension funds (LGPS funds).
Doing this by issuing retail bonds will keep the interest paid in our own economy and would also avoid the astronomical fees charged by investment banks and other financial organisations.
The Scottish Government and local authorities would then be accountable to the Scottish people for the effective use of these funds – “democratic discipline” instead of the “fiscal discipline” which makes Scotland subservient to bond markets.
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The £75bn of LGPS fund assets can be invested to support Scotland’s economic development and resilience, helping to finance infrastructure essential for the wellbeing of our people, supporting the creation and growth of successful Scottish-owned companies, and starting the longer journey towards reducing Scotland’s reliance on foreign investment, with which the SNP leadership is obsessed.
LGPS funds have a duty to their members but this needs to be balanced with the need to invest in the future of our own economy.
Achieving this balance involves collaborative partnerships between the Scottish Government, LGPS funds, councils, Cosla, economic development agencies, the business community, trade unions and community organisations such as community development trusts (CDTs). This is institution-building and developing new practices and knowledge.
For the time being, “ourselves” is us – the people of Scotland. When independence has been achieved, “ourselves” is not just us – it is also the allies and partners with whom we develop relationships of mutual benefit.
Once independent and with our own currency, we can then take the next step by repatriating up to £250bn of pension assets belonging to our people by setting up a national pension fund into which people can transfer their existing UK second pensions.
With our own currency, the capacity of the state itself to invest in ourselves will be unleashed.
Scotland will then have enormous financial firepower, not only to build our resilient wellbeing economy but also invest for mutual benefit with allies and partners around the world who respect our independence and our values. We will find out in due course who they are and who we must treat with caution.
Investing in ourselves is about believing in ourselves. If we believe in ourselves, we have potential to be world leaders, regardless of our small size as a nation.
