Many voters in Scotland moan about the media: half of the country wants separation, according to the polls, but almost all newspapers are against it. So where to turn, for dispassionate analysis? As James Forsyth says in his brilliant political column this week, there’s no one left to tell the truth.
That’s why private advice, issued by financial analysts to their clients, is interesting: these guys have no interest in spin, only accuracy. If they issue duff advice, their career is over. The analysis of Deutsche Bank (pdf) has been flying around Twitter, but not many are inclined to read long PDFs. So the below is an edited extract. It’s from David Folkerts-Landau, its chief economist. He explains quite clearly why independence would mean austerity on a scale that Scotland has never seen before. I’ve inserted the numbered subheadings: the rest is his.
I hope Deutsche Bank will excuse us, this one time, for reproducing what is essentially a leaked document without permission.
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