The world’s three leading credit rating agencies have contradicted claims by the SNP that Scotland would have triple-A status if it separated from the United Kingdon.
 
The Financial Times reports that Standard & Poor’s, Moody’s and Fitch have refused to endorse John Swinney’s position that Scotland would inherit the same borrowing costs as the UK.

One agency is reported to have said Scotland would be ‘some notches below triple A’.

Johann Lamont, Scottish Labour Leader, believes higher borrowing costs in an independent Scotland would mean less money to spend on schools, hospitals and other services.
 
She said: “The economic case for separation is unravelling by the day.

“I find it extraordinary that the SNP have not even approached the credit agencies for a draft opinion. Basically, they are asking the people of Scotland to take a gamble on the economic future of the country.

“While independence may be an article of blind faith for the SNP, people deserve to know the real consequences of breaking away from the rest of the United Kingdom.

“From these revelations, it would appear the consequences are that more money would be spent on borrowing and less on school, hospitals and other public services.”

6 February 2012