Labour and the SNP clashed yesterday as the independence issue resumed centre stage, with just five days to go before polling in the Scottish election. "The foundations are in place for Scotland to choose an independent future as a robust and modern economy," Mr Alex Salmond declared at the launch of the SNP's long awaited Economic Strategy for Independence.
Under persistent press questioning, the SNP leadership acknowledged that an early move toward independence would confront Scotland with an initial deficit of £1.75 billion. However Mr Salmond insisted this would not be "a structural deficit" and would be gradually reduced before the country moved into a surplus of £1 billion by the year 2003.
However the Prime Minister, Mr Tony Blair, told a Press Fund lunch in Glasgow that the nationalists offered "a false prospectus, a bogus balance sheet, and one that diminishes the seriousness with which anyone can take the claims of the SNP".
After addressing a Business for Scotland meeting, Mr Salmond told a Glasgow press conference that "even on the worst-case scenario" Scotland "would sail through the Maastricht criteria" for membership of the European Single Currency.
Mr Salmond said the SNP figures showed that Scotland could easily meet all five Maastricht criteria, and argued that it was only with independence in Europe "that the optimal economic policy can be delivered for Scotland".
The SNP's 31-page analysis claimed to use existing government projections to demonstrate, not only that Scotland was comfortably within the Maastricht criteria, but actually "in a better position than the UK".
In fact, the paper argued, Scotland's position in respect of the deficit criteria for the year when a decision is thought most likely to be made on British membership - around 2003 - was so healthy "that there is a significant room for fiscal manoeuvre".
The party argued: "Scotland is a rich country. In terms of wealth created per head we are the seventh richest country in the developed world. The Scottish parliament offers us the chance to begin the process of governing Scotland well and delivering the best policies for long-term sustainable growth."
Considering the timescales involved, the SNP said they would anticipate remaining part of the sterling area, and retaining the sterling currency, until entry to the Single Currency: "Given the policy of the government to move the exchange rate fundamentals into a position to make entry possible within the timescale under consideration, this makes this option the most prudent and sensible."
There were no tributes to the SNP's prudence or sense from either Labour or the Tories. The Conservative leader, Mr William Hague, spent much of his time campaigning in Perth, fending off questions about his party's state of internal disarray. He ridiculed the SNP plans, saying: "Laughter would have to be the reaction.
They seem to make up these figures as they go along without any independent corroboration. There would be a big financial deficit for Scotland."
Mr Blair was even more withering when he addressed the press lunch, whose guests at the top table included Mr Salmond.
Those who argued the case for separation had a burden to prove their case, Mr Blair said. He derided a "balance sheet" he claimed did not include the costs of debt interest payments, and assumed a debt-free inheritance; which "assumes you apply for European Union membership expecting them to pay you more money than you pay them" and which "envisages no start-up costs for a separate state, and budgets nothing for the embassies and consulates they dream of."
It was, said Mr Blair, "a prospectus which taxes the mind as well as the wallet" before returning to Labour's consistent election theme that "divorce" would mean higher taxes, job losses and businesses chased away.
Mr Salmond was determined, however, that Mr Blair should not have a completely free run on this occasion, drawing laughter with his own take on the popular TV programme by raising a card bearing the word - "bluff".