We’ll burn those bridges when we get to them. That is one metaphor (appropriately confused) for how Britain has failed to plan for the financial break-up which would follow Scotland voting Yes to independence. Even if No wins on September 18, the margin may be tight enough to keep that failure on everyone’s minds.

Still, cheer up, giltholders. You benefit from the little preparation made so far. Months ago, the UK’s Treasury confirmed that it would honour all UK sovereign bonds in issue come what may. That reflects the legal reality anyway.

The UK ex-Scotland would owe the debt as the union’s successor state. It also avoids the complication of Scotland becoming counterparty on some share of gilts yet to be defined. Scotland would owe its share of the debt to the UK, instead.