Scotland's economy: Holyrood's own Micawber Principle

Charles Dickens might have seen one of his story ideas unfolding at Holyrood this week

We all owe Charles Dickens a huge debt. For his warm, emotive writing; for his incisive social commentary; for the fact that his work led to that seminal movie, the Muppets Christmas Carol.

I love all his work but, particularly, Hard Times. It is a brilliant, taut indictment of industrialism and utilitarianism.

But there is also the Micawber Principle, from David Copperfield. Mr Micawber concisely reminded us of the precarious nature of economic life. He explained this to young Copperfield as follows.

"Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

The First Minister has had to face her own Micawber Principle, of late, in the shape of the GERS figures which suggested that Scotland had a £15bn deficit in the most recent year studied, twice the level in the UK as a whole in relation to the economy.

'Difficult' figures

Yesterday, in contemplative mood when facing the wicked media, Nicola Sturgeon acknowledged that the figures were "difficult", driven largely by reduced revenue from the North Sea.

But today, facing her political opponents, there was no room for compromise whatsoever. For example, quizzed by Willie Rennie of the Liberal Democrats, she essayed a tirade against his party's former UK coalition with the Conservatives.

She said she would take no lectures on the economy from such a one as Mr Rennie. What appeared evident is that she was disinclined to answer questions from him either.

Nicola Sturgeon was in no mood for compromises at First Minister's Questions

It was perhaps understandable. The figures are indeed difficult and challenging and politically awkward.

Tough to defend. So Ms Sturgeon opted instead to attack, lambasting her opponents with eager ferocity. It may have added little to Socratic debate - but then, unless I missed it, Socrates isn't standing for election to Holyrood in May.

'Complete denial'

Labour's Kezia Dugdale said the FM was "in complete denial", that the case for independence had been "devastated" and that the SNP were pursuing cuts in vital services.

Ms Sturgeon retorted that Labour's approach amounted to a "sheer and utter disgrace".

She depicted Ms Dugdale as inviting the people of Scotland to pay more in tax to meet Tory cuts to which Scotland was subjected because Labour had successfully fended off independence.

More generally, she accused her opponents of talking Scotland down, of neglecting the underlying strength of the Scottish economy.

Kezia Dugdale said the case for independence had been "devastated"

Ruth Davidson had a go for the Tories. She accused Ms Sturgeon of perpetuating a "con" upon the people of Scotland during the referendum by underplaying the prospective reductions in oil revenues.

In reply, Ms Sturgeon chose to single out an alternative example of what she believed to be deception.

The PM, she said had promised an oil boom if Scots rejected independence. It had been, she said, "bluff and bluster". Each counter-attack by the FM was greeted by throaty cheering from the SNP back benches.

'Look me in the eye'

Then we got to Willie Rennie. For some reason, these exchanges regularly appear notably icy. Such was the case again today.

Mr Rennie challenged the First Minister to "look me in the eye" and say she had believed the buoyant oil figures around prior to the referendum.

Willie Rennie wanted Nicola Sturgeon to "look him in the eye"

"Oh, look out," as you can hear John Lennon declaring during the sublime closing sequence of Abbey Road. (It is Lennon, isn't it? Would have to consult my sons.)

Ms Sturgeon was off. How about that coalition, Mr Rennie, propping up Messrs Cameron and Osborne, "ripping billions out of the Scottish budget"?

Apparently, the Lib Dem leader's hypocrisy had now reached new levels.

Look me in the eye, she said, batting back the challenge. Mr Rennie stared, angry and disconsolate in equal measure.

PS: Neglected earlier to praise the mighty United for an outstanding performance in the Cup against the estimable Ross County. Incredible display. Incredible fight. More of that in the league and we'll be grand.