The world has gone mad, but fear not, Scotland qualifying for the World Cup will trigger growth, prosperity and happiness (for a wee while – 3 games I expect). The imminent launch of Scottish KILTS bonds will open a Pandora’s box of difficult questions.

The UK’s decision to hike taxes and put a sticking plaster on the cash-haemorrhaging NHS highlights serious issues for Soveriegn Debt Investors. Expectations on interest rates and currency markets are one issue, but the competency of governments to manage the quantum of debt raised through the pandemic and avoid rising uncertainty will be increasingly under the microscope.

The UK is going through periodic angst as everything looks terrible and we wonder how to balance the budget, pay the bills and avoid penury. Relax. We worry too much. Everyone else is cooking their national accounts. The UK can do it better. Buying Boots at the Ready!