SNP’s pro-business policies undermines support for independence

The SNP leadership have unveiled their “economic case” for independence. With only 6% of those polled believing that the Scottish economy would be a “lot better” under independence, Alex Salmond and Nicola Sturgeon business friendly policies have so far failed to convince. The new document, Scotland’s Economy: the case for independence, which continues the SNP’s pro business ideology, will struggle to appeal to broad layers of working class people in Scotland.

Trying to out-do the ConDem coalition, the document promises to slash corporation tax for big business by 3% below the UK rate. George Osborne has already pledged to cut the tax to 20% by 2015.

This would mean an independent Scotland would have a rate of 17% for the major corporations. The SNP claim this would attract inward investment and create tens of thousands of jobs – but this is a fantasy given the worldwide economic crisis that has engulfed capitalism in the last few years.

As the Socialist has pointed out many times, there is in effect a “strike of capital.” Hundreds of billions of pounds in the UK economy are lying under the collective mattresses of the major multi-nationals. They are refusing to invest, lacking, as they see it, a profitable outlet for their investment. Rather than support an immediate levy of 50% on all uninvested capital for an emergency programme of job creation and public investment, as the Socialist Party argues, the SNP want to entice big business by offering the chance to pay even less tax.

Under the conditions of an unprecedented crisis, this will not happen. Only a socialist plan for rebuilding the economy, based on widespread public ownership and democratic control, can deliver a way out.

The SNP leadership are welded to the idea that they can have both a successful free-market economy and lower inequality while delivering social justice at the same time. Yet, it’s in the DNA of capitalism to thrive on exploitation and seeking to widen gap between the rich and poor.

Salmond and co’s plan would leave the vast majority of the oil and gas reserves flowing into the coffers of the oil giants, rather than owned and controlled by the people.

Socialist Party Scotland calls for the powers of an independent Scotland to be used to nationalise the oil and gas and the renewable energy sectors under democratic working class control and management.

We need a new mass working class party to fight for these policies.

An independent Socialist Scotland as part of a socialist confederation with England, Wales and Ireland, as a step to a socialist Europe, would end the nightmare of cuts and savage austerity.