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17 April 2013


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Angus McLellan

Apropos of GDP, NNI and other three letter acronyms, I understand that the CPPR have done some sort of GNI calculation. This doesn't sound much like a significant advance on the ("back of an envelope") numbers for GNP/NNI that Gibson et al came up back in the 90s with the 'Caledonian Blue Book'. But perhaps I'm being unduly negative? Whether that's true or not, the CPPR folks are being unduly secretive. Why feed stories to the press and not release the info? One of my sizable collection of pet hates.

I notice you haven't blogged - rather than tweeted - about the Treasury report. I can't say I've read it carefully from cover to cover, but it left me with quite a few questions, not all directly related to the content. And so that you know what at least one of your readers is thinking, let me share one of my dumb questions.

The report seems to make assumptions about the risk associated with Scotland's "financial services" sector that don't appear to match up at all well with Charles Goodheart's description of them in Goudie's 'Scotland's Future'.

Goodheart's account depicits an industry largely made up of dull stuff like asset management, life & pensions plus a retail banking sector. My naive impression, which seems to match Goodheart's piece, is that this sort of thing represents low risk banking from a regulatory perspective.

Evidently one of these views has to be incorrect, but which and why?

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