Thread by @YesCymru

Independence might sound like an appealing idea, but will it work in practice?
Can Wales afford to stand on its own two feet?

One regularly-mentioned argument is that although Wales has a trade surplus of around £5bn a year, it is currently running a fiscal deficit.

THREAD ⤵️

However, the important point to make is that this fiscal deficit is not inevitable.

Wales is currently running a fiscal deficit *as part of the UK.*

It is not pre-ordained that Wales must suffer from a shortfall in revenue, and there are no obstacles in terms of our abilities, education system, or our place in the world that would render us unable to address the issue as an independent nation.

Moreover, simply by looking at the estimated fiscal balance over the last two decades, we see that this figure has fluctuated significantly from a low in 1999/00 to a high in 2009/10 following the global financial crisis.

The fiscal deficit of the UK as a whole was as high as £167.4bn in 2009/10.

It’s far from ideal, but it isn’t uncommon for independent nations to periodically run with a fiscal deficit.

In fact, all OECD countries at present (and for the last 8 years) have, on average, run budget deficits of between 3 and 8%.

At the peak of the financial crisis Ireland ran a budget deficit of 30%, from which it has now recovered with careful management of its economy.

As an independent nation we can look to exploit all of our advantages and free ourselves from Westminster-imposed restrictions on the economy and taxation.

Locked in the UK, we suffer the effects of an exploitative, extractive economy.

Through independence, we’ll reshape the system, and change the nation.

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