Oral Answers to Questions

Debate between Michael Moore and Andrew Selous

Wednesday 22nd February 2012 Commons Chamber

[Andrew Selous (South West Bedfordshire) (Con)]

4. What recent discussions he has had with the Chancellor of the Exchequer on a credit rating for Scotland.

[The Secretary of State for Scotland (Michael Moore)]

Thanks to the decisive action that this Government have taken, the whole of the United Kingdom benefits from record low interest rates and a confirmed triple A credit rating status.

[Andrew Selous]

What estimate has the Secretary of State made of the extra debt interest that an independent Scotland would have to pay were it not to benefit from a triple A rating?

[Michael Moore]

My hon. Friend makes an important point about how an independent Scotland would fare. The rating agencies have been quite clear that there are issues relating to the track record of Government, the pension arrangements, national debt and so much more that they need to take into account. Of course, it is in the gift of the Scottish Government, should they so wish, to ask for a draft opinion on what that status might look like, but so far they have not done so.