A union on entirely Scottish terms is clearly not going to be a runner

We cannot have the Scottish Nationalists setting referenda from time to time on their own terms using anniversaries such as a medieval battle, Bannockburn, to exploit sentiment.

It also cannot unilaterally design as a third option some half way house without involving opinion in the rest of the UK. A union on entirely Scottish terms is clearly not going to be a runner.

The union has been one of the most successful partnerships in history. Geopolitically it would be a disaster for a powerful UK to be atomised in the way proposed by the nationalists.

Scotland on its own would have all the muscle of, let us say, Belgium, and the rump of the UK would be a shadow of its former self. It isn’t clear to me who will benefit from this other than ambitious Saltire-waving politicians in Edinburgh.

* On Tuesday, the government announced formally its support for high speed rail from London to the Midlands and beyond. What has been missed in the debate so far is that HS2 is as much about growing capacity as reducing travel times.

It is a vital part of spreading prosperity from London and the south east to the rest of the country and is to be warmly welcomed.

However, we must ensure that the south west is not forgotten and that we do not become more of a poor relation in rail transport terms than we are already.

* The prime minister is right to insist on a more responsible attitude towards top executive pay. At the moment the rewards for indifferent performance represent a failure in the market which has to be corrected.

Monstrously overpaid captains of industry cannot claim to be leaders while their remuneration places them on a completely different financial planet to subordinates.

* It looks like the 50 per cent tax band will remain given new evidence it raises more than was thought. In an age of austerity, so be it, but we should be constantly vigilant for elements of our taxation system which impede economic recovery.