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Press Release

Press Releases

SNP: Leaked mortgage paper undermines Treasury scaremongering

SNP press release

Leaked mortgage paper undermines Treasury scaremongering

"Scary" paper paper based on shredded triple A status

The UK Treasury’s forthcoming paper on the impact of Independence on
mortgages has been dealt a significant blow today as the SNP revealed a
leaked copy of a working draft planned to use the UK’s triple A status as a
key argument.

The Treasury paper obtained by the SNP, entitled “Impacts on Mortgage
Market” is marked “protect” and described as assisting with the “Scotland
analysis programme”.

It was written before the UK was downgraded by ratings agencies Moodies and
Fitch. It reveals that the Treasury’s attempt at scaremonger over the cost
of borrowing was built on claims that triple A status would be lost with
Independence.

The paper, part of a series of working documents handed to the SNP says:

“wholesale funding costs for firms are linked to the credit rating of the
sovereign. The expectation is that an independent Scotland would not have a
AAA credit rating it currently enjoys”.On this basis, it claims mortgages
would rise under Independence.

Despite this argument falling apart and causing significant delay to the UK
Government’s papers – who have failed to publish their promised one paper
per month as a result – media reports this week suggest the Treasury are
still determined to scaremonger over mortgages, describing the forthcoming
paper as “scary” and “terrifying”.

The revelation comes as the No campaign continue to use the triple A claim
in their leaflets. Disregarding the fact that they have been downgraded or
that two thirds of countries with a AAA rating, have a population of less
than 10m.

Calling on the Treasury to abandon their attempts to scare voters and for
the No campaign to shred their Triple A leaflets, the SNP's Treasury
spokesman Stewart Hosie MP said:

“This leaked working paper exposes the utter weakness of the Treasury’s
case. It shows they were planning to hang their central argument on
mortgages on the Triple A rating. This was always arrant nonsense with
two-thirds of countries with an AAA rating have a population of less than
10 million - but the fact that, since then, the UK has lost its own triple
A status shows just how hollow this argument was.

“It is little wonder that this paper has been so heavily delayed. Their
central argument has collapsed so they have now had to go back to square
one.

“This week, it has been revealed that the Treasury remains determined to
use their paper to make ‘scary’ claims . This is a clear case of not
letting the facts get in the way of a scare story.

“The No campaign even go so far as to still use leaflets claiming that the
threat to triple A status comes from Independence – months after that
status was lost by the UK.

“It is just like the arguments over currency which are exposed by the
simple fact that even the Isle of Man, which the First Minister will be
visiting in July, uses the pound and has a AAA rating.

“The anti-Independence triple A argument has been shredded by events. It’s
now time for them to shred their triple A leaflets as well.”



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