Labour's scaremongering undermined

Commenting on remarks made by leading Scottish businessman Jim Spowart on today's Politics Show where he said that the present financial downturn did not harm the case for independence and that the banking bail out may even hasten independence if Scotland took all the pain but none of the gain SNP MSP Alex Neil said:

"Jim Spowart's remarks totally undermine the scaremongering we have seen from the Labour party and are an indication that Scotland's business community are rejecting their spurious  arguments.

"By talking down not only Scotland but our neighbours Labour have once again exposed themselves as obsessed with negative politics to divert attention away from the Downing Street downturn.

"Jim Spowart's remarks also suggest there is serious concern about the proposed HBOS merger and the impact it could have on Scotland's economy if we faced major job losses.

"His intervention in the debate is a welcome development, and puts the over the top attacks by Labour in context and shows how out of touch they are with Scottish opinion."



1. On being asked about the HBOS merger on the Politics Show Jim Spowart said it "could be responsible for breaking up the union" if Scotland took all the pain and none of the gain.

2. Jim Spowart, who founded Intelligent Finance and Standard Life bank, was one of the business people who signed up to an advert in the 2007 election opposing independence.

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