The response of the London parties to opinion polls released last weekend, showing the pro-independence “Yes” side ahead for the first time in the looming Scottish referendum, was a panicky one. Even more powers were announced for the autonomous Scottish Parliament. On Wednesday, normal political business at Westminster was abandoned and the main political leaders headed north to act as persuaders for the Union. David Cameron gave a moving speech in Edinburgh. But there was more than a whiff of a cornered Bourbon monarch frantically improvising in a bid to head off an inflamed mob.
It is now hard to recall that just one month ago, the dreams of glory of Scotland’s ruling Scottish National Party (SNP) appeared to be in shreds. In the first of two debates with his chief pro-Union rival Alistair Darling, the normally formidable SNP leader Alex Salmond gave a halting performance. As a separatist, he sounded bizarre when he insisted that “We will take the pound as it belongs to Scotland as much as England, it's our pound!” For Salmond, the British currency was an asset, rather than a means of exchange. He insisted on clinging to it, even though it meant ceding control of financial policy to the state that he was desperate to break away from. In polls and pronouncements, the British people and leaders of all the main parties had declared outright opposition. Yet, Salmond insisted on plowing ahead. He threatened (and still threatens) to renege on Scotland’s share of Britain’s national debt, unless his opponents embrace his quixotic financial union. This would freeze Scotland out of capital markets with stark consequences for the personal finances of probably most of its citizens.
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