More powers for Scotland might be an assumption too far

Politicians on both sides are all assuming Scotland wants more devolved powers. But as Merryn Somerset Webb explains, that's not for sure.

There's a new consensus in Scotland among politicians. It is that there is still a a huge appetite for independence in Scotland, but that in the absence of an immediate mandate for independence, almost all the population isin favour of 'devo max'/home rule or whatever you might like to call it instead.

But is this really the case, or is it an assumption too far? 45% of those who voted in the September referendumvoted for independence.However, if you take the turnout into account, only 38% of eligible adults actually voted 'Yes'.

That's high. But the key point is that 62% didn't vote yes they either voted 'No', or didn't care enough to vote, something that suggests the appetite for independence isn't quite as high as the SNP likes to think (their view remains that independence is more a matter of 'when' than 'if').

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Note that the Scottish Social Attitudes Survey has long told us that the percentage of Scots in favour of independence has long shifted between 27-35%.

If you compare that to the percentage voting 'Yes', you might think that getting the vote up only three percentage points in 18 months of passionate and very well-financed campaigning isn't actually all that hard.

There were polls afterthe referendum (notably by Lord Ashcroft) which suggested that many of the 'No' voters were concerned about things that aren't a problem with devo max (the currency and defence for example).

But while this kind of thing might make it clear that 'No' voters were nervous about the economy, it doesn't confirm that they perceived devolution to be the answer home rule could arguably be bad for the economy in much the same way as independence.

We also have no evidence that the panic vow (in which all parties promised devolution) made any difference to the final vote. It wasn't a vote for devolution; it was a vote against independence. Different things.

I'm pro-devolution myself (the Scottish government might be held more to account if it had to raise more of its taxes as well as spend money), but I am concerned that all parties and groups are now assuming that everyone else is too when we have no real evidence that is the case.

There was a great letter to The Times a few weeks ago from a reader who said "Politicians are always telling me I want change. I don't." It may be lots of Scottish voters don't either.

Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.