Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 11th October 1976.

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Photo of Mr Douglas Crawford Mr Douglas Crawford , Perth and East Perthshire 12:00 am, 11th October 1976

It means according to the terms enunciated by the people of Scotland in their Parliament, democratically elected.

Scotland is also rich in another valuable resource, the most valuable of all, food. This makes recently articulated threats of possible food rationing all the more ironic. We in Scotland are self-sufficient in all major foodstuffs which is reflected in the following figures: beef, 105 per cent; mutton and lamb, 300 per cent.; poultry meat, 150 per cent.; liquid milk, 100 per cent.; cheese, 100 per cent.; and fish, 500 per cent. There is no question whatever that a self-governing Scotland could soon fix its own interest rates and minimum lending rates at levels much lower than 15 per cent.

The right hon. and learned Member for Surrey, East (Sir G. Howe) referred to other European nations' interest levels. But he missed out the smaller countries which have much lower levels. In Austria it is 5 per cent., Holland 7 per cent., Norway 5 per cent., and Sweden 8 per cent. With the resources and the labour, the economy of a self-governing Scotland will soon become one of the most prosperous in Europe with a strong and healthy £ Scots.