But his main game is to prove that the SNP can run Scotland welebron james shoesll, despite the obstacles. Dramatics such as his threat to resign play well in the cheap seats, but their price may be the return of the Tories as a political force. Tory blue reappeared in Scottish electoral geography in May (see map); and in rural
areas, where SNP yellow is strongest, the Tories are the principal challengers. Mr Salmond may find the second act a tougher
proposition.
ONE clear sign thchristian louboutin outletat Scotland is another country is that its money looks different. Scottish heroes rather than Britain's queen adorn the notes issued by the three biggest Scottish banks. Sir Walter Scott, a novelist, is commemorated by the Bank of Scotland (now part of HBOS but, in 1696, the first bank in Europe to make a success of paper money) because he fought off a dastardly attempt in 1826 by Westminster to stop Scottish £1 notes from being issued.
The power of Scott's pen is needed now, rages Alex Salmond, Scotland's nationalist first minister: the British Treasury has launched a raid on this iconic lolly. Scottish and Northern Irish banks (unlike their English rivals) are still allowed to print money, which is worth exactly the same as Bank of England cash. But a new plan would make them back their noRed Bottom Shoestes more fully.
There are some £2.9 billion-worth of Scottish banknotes in circulation and £1.5 billion of Northern Irish. Issuing banks are currently required to deposit assets equalling about 95% of their notes with the central bank—but only from Friday to Sunday. The rest of the week the deposits are off earning interest elsewhere, and there is no financial backing for Scottish and Ulster banknotes. If an issuing bank wkobe bryant shoesent belly-up then, its notes would be so much lavatory paper.
Though it says a bankruptcy is unlikely, to improve financial stability the Treasury wants issuers to keep their deposits at the central bank seven days a week. This would lose Scottish banks some of the £65m they now earn in interest and “seigniorage” (income from selling their notes to other banks).
The Clydesdale Bank, a Scottish subsidiary of National Australia Bank, fears tPolo Ralph Laurenhis means that issuing notes will no longer be worthwhile. The Treasury plan is ridiculous anyway, Mr Salmond argues, because Scottish banks are among the most stable in the world.
Perhaps so, but after Northern Rock's collapse bank customers are likely to prefer their security gold- plated. Scottish banks may be waving their claymores more to preserve a nice little earner than to defend a potent symbol of natimbt scarpenal identity. And that must perturb Mr Salmond, who hopes to lead Scotland to independence, as much as any assault from Westminster.
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