Two years before, the same global authorities had issued much the same warnings about the consequences of a Yes vote in the independence referendum. News As things stand, Scotland’s banking assets — in practice the potential liabilities of an independent Scottish government in the event of independence — are a staggering 1,100% of GDP. I see in the news a second referendum might be on its way, so what is the feasibility of an independent Scotland? It’s the most ingenious small country on earth, rich in cultural and economic resources. The prosperity of other similarly sized states such as Ireland and Denmark shows an independent Scotland is perfectly viable. Scotland’s GDP in 2018 works out at £32,800 per person, a whole £900 higher than the UK’s at £31,900.324 So, Scotland’s economy outperforms the, larger, UK economy, but not the net economic position of smaller independent benchmarked nations; who also economically outperform the rest of the UK. For a country of five million to run a deficit of 27pc would be far, far harder. At first glance it looks ok, Scotland's access to the oil fields in the north sea should be able to support it, creating wealth from the black gold, creating a booming oil driven economy. When economists talk about an independent Scotland, the countries they compare it to are not England or France. As one of the lucky … A few tweeters argued I had overstated the risks of dissolution and underestimated the opportunities, and I had good discussions with them. I mean,where would the money come from to run Scotland.A country needs armed forces,police fire and ambulances,hospitals,a foreign office and a home office,dole money for the unemployed,pensions and other care for the elderly,and god knows what else. Search When economists talk about an independent Scotland, the countries they compare it to are not England or France. Breitbart London 23 Jul 2014. They show Scotland in a stronger fiscal position than the UK as a whole over the last five years to the tune of £12.6 billion. They show Scotland in a stronger fiscal position than the UK as a whole over the last five years to the tune of £12.6 billion. In the end, the economic scare story was the strongest card the Better Together campaign could wield — Project Fear was the order of the day. So while I wouldn't expect Scotland to go bankrupt, I would certainly expect huge cuts to the NHS, education and infrastructure spending. They show Scotland in a stronger fiscal position than the UK as a whole over the last five years to the tune of £12.6 billion. Image: Getty, The choice of an independent Scotland would be far more tax, or far less spending. In Scotland, this was something of a head-scratcher. As even those who argue against independence now acknowledge, the viability of an independent Scotland is not in any doubt. The economy of an independent Scotland remains the central battleground for the unionists, says McDougall. It just doesn’t work. Scotland is about as fiscally independent as Yorkshire. It has a strong trading relationship … But whether it would be desirable is another matter – economically, politically and from the point of view of security. Once the oil runs out, what does Scotland … The referendum battle lines on oil revenues were clearly drawn, oil price volatility was a vital unionist scare story. But as ex-SNP finance spokesman Andrew Wilson pointed out on Twitter, even in a good year like 2016, Scotland was suffering a deficit equivalent to 10 per cent of GDP. It is hard, almost impossible, to deny this now. I can understand the rage at Brexit but over the next couple of years Nicola Sturgeon has to put forward a plan of how she is going to make an independent Scotland economically viable. Scottish Independence is not economically viable,so why do the SNP try to con the Scots into accepting it? The 2014 referendum was widely seen as having turned on the economic case against independence, with many Scots unconvinced by … Scotland will vote in a referendum on whether it will become independent from Britain on September 18, and it's becoming increasingly clear that if by some miracle the Scots do choose independence, then the new nation of Scotland will be in imminent peril of … News, Events and other Resources about Scottish Independence, © 2021 IndependentScotland.org - All rights reserved. An independent Scotland would fail financially, according to Scottish economists and legal firms. Just like Denmark, Finland, Ireland, New Zealand, and a host of other industrially developed nations of a similar size. Scottish parliament, Edinburgh. As a matter of fact, it does. Is an independent Scotland more economically viable today? Jim Edwards Tuesday Jul 22, 2014 at 5:55 PM . Jim Edwards Tuesday Jul 22, 2014 at 8:56 PM. When economists talk about an independent Scotland, the countries they compare it to are not England or France. The ultimate message is that the numbers tell the story.” Scotland can afford to be an independent country. The ex-first minister of Wales believes so anyway, though others are less sure. Could an independent Scotland cover its outgoings? So the choice of an independent Scotland would be far more tax, or far less spending – or, most likely, a mixture of the two. ‘An independent Scotland would clearly be economically viable. It’s ridiculous to argue that Scotland is too small or too poor to be independent. It's Obvious That An Independent Scotland Just Won't Be Economically Viable . Like what you see? For a country of Scotland’s size and economic strength there are a number of viable currency options. An independent Scotland would want to join the EU; but other countries like Spain may raise objections because they fear their own independence movements (e.g. Catalonia in Spain) Also if Scotland wish to join the EU, it is likely to involve joining the Euro. He added: "We have always known that convincing people that they will be better off in an independent Scotland is key to winning their support and opinion polls … Political analyst Adrian Yalland says Scotland's part of a country which SNP MSP James Dornan calls "insulting" during #indyref2 debate. Scotland's finance secretary uses his speech to the SNP conference to argue that the country can "more than afford" independence. Scotland can afford to be an independent country. Is an independent Scotland economically viable? ReutersSNP leader Alex Salmond must pick a new currency. ‘An independent Scotland would clearly be economically viable. An independent Scotland could not guarantee that its citizens would be able to live and work in the rest of the UK. Believe in Scotland Independence Ambassadors will be given independence FAQs with potential answers to all the key objections to independence, regular updates on political-economic and campaigning issues, access to an online community of Ambassadors to share best practices and access to a mobile app for information and instant rebuttals when the official campaign starts. The Sloman Economics News Site. The SNP’s main economic platform is that Scotland should own the revenue from North Sea oil and gas, making it a petro-dollar paradise equivalent to Norway. Politicians have argued bitterly over whether an independent Scotland can stand on its two feet economically. ... An independent Scotland … This year it's estimated at about 27 per cent of GDP, according to the Institute for Fiscal Studies, which would make it the worst-hit country in the developed world. But it’s hard to dispute that, with North Sea oil revenue at current levels, independence would mean a heavy dose of austerity. Scotland has a lot going for it – technology, oil, a highly educated population and so on – but she still has to have a plan about issues like currency and cross-border trade. News They're Greece, Iceland and Ireland. And yes, every country has seen its deficit surge in the pandemic. Is an independent Scotland economically viable? You can argue that this would be a price worth paying for independence, as many Brexit voters thought that leaving the EU would be worth it even if it meant an economic hit. None of this is to say that Scotland cannot flourish as an independent country. The ultimate message is that the numbers tell the story.” Jim Edwards Tuesday Jul 22, 2014 at 8:55 PM. Two years before, the same global authorities had issued much the same warnings about the consequences of a Yes vote in the independence referendum. With Scotland’s referendum on whether to leave the UK and become an independent country drawing ever closer, scrutiny of First Minister Alex Salmond’s economic plan is becoming more and more heated. Jim Edwards Jul 23, 2014, 6:39 AM Scottish Independence is not economically viable,so why do the SNP try to con the Scots into accepting it? Fair enough if he means it's time to align tax and spend levels. I can understand the rage at Brexit but over the next couple of years Nicola Sturgeon has to put forward a plan of how she is going to make an independent Scotland economically viable. An independent Scotland would be responsible for its own finances and could not rely on North Sea revenues to balance the books. The only reason I Scotland's new drive to become independent may be spurred on by nationalism, but is it economically viable? Share on Twitter (opens new window) ... Scotland’s economic performance today is not good enough for any self-respecting Scot. Access to Trading Markets. Of course Scotland could balance a budget as an independent country, but certainly not by sustaining the current standard and scope of public services - to close the budget gap, it would require huge tax increases or massive austerity. - Resources, news and events for an Independent Scotland. By Scott McNab Monday, 14th October 2019, 7:00 am As even those who argue against independence now acknowledge, the viability of an independent Scotland is not in any doubt. There would be … But the vast majority of replies hounded me for describing Scotland as a “region” and not a “country”, which I know it is. In a typically thoughtful article, Andrew Wilson argues that the sheer size of the deficit 'makes the case for independence'. Link: https://www2.gov.scot/resource/0042/00422987.pdf. 5) Prosperity Requires: Extensive Financial Service Systems Scotland has many institutions that can handle large scale financial projects, expansions and investments. An independent Scotland would fail financially, according to Scottish economists and legal firms. It's Obvious That An Independent Scotland Just Won't Be Economically Viable. Given that the most any new EU member state is allowed is 3 per cent, it would have to undergo a period of sado-austerity to get down to that size. Is an independent Scotland economically viable? Search, chapters and links. No one should doubt that an independent Scotland would be economically viable. As even those who argue against independence now acknowledge, the viability of an independent Scotland is not in any doubt. It’s the most ingenious small country on earth, rich in cultural and economic resources. Answered June 23, 2020. They're Greece, Iceland and Ireland. 5 Lack of natural resources. This is a point often overlooked: leaving the family of the UK would mean a load of tough decisions for Scotland with either higher taxes or lower spending. But an independent Scotland would have to be a Scotland with either much more tax, or much less spending. At present, it has a high spending-to-GDP ratio – but comparatively low taxes. He added: “GERS tells us little about what an independent Scotland’s finances would be like, or even about the finances of the devolved Scottish … The UK deficit has been pushed up by the furlough scheme and other pandemic measures: paid for by the ability to borrow from markets at an incredibly low rate of about 0.2 per cent interest per year. Scottish independence (Scottish Gaelic: Neo-eisimeileachd na h-Alba; Scots: Scots unthirldom) is the political movement for Scotland to become a sovereign state, independent from the United Kingdom.. Scotland was an independent kingdom through the Middle Ages, having won wars of independence against England.The two kingdoms were joined in personal union in 1603 when the Scottish King … Scotland is rich in human talent and natural resources, and like many independent, small, European nations, we could build a fairer society while growing our economy. Menu Toggle navigation Toggle navigation Toggle navigation Toggle navigation. The problem is, they're all bad.Scotland will vote in a referendum on whether it will become independent Fraser Nelson is editor of The Spectator and columnist for the Daily Telegraph. Central to … Scotland has a potential banking liability of Icelandic proportions, much bigger than those (700% of GDP) that almost bankrupted the Irish economy. Looking around the world at countries similar to Scotland, some have their own currency, while others choose to pool sovereignty and share a currency. It just doesn’t work. But whether Scotland, the remainder of the UK – or both – would be better off after separation is much less certain.’ NICOLA STURGEON's push for a second Scottish independence referendum was slammed as a not 'economically justifiable' project for the nation. Scotland will vote in a referendum on whether it will become independent from Britain on September 18, and it's becoming increasingly clear that if by some miracle the Scots do choose independence, then the new nation of Scotland will be in imminent peril of … John Bingham, head of real estate at Glasgow-based legal firm Bellwether Green, warns: “Independence is not financially viable. Please note, the case for Scottish independence is taking a pounding. They must show that freedom, in the nationalists’ definition, is irresponsibility. The economy of an independent Scotland remains the central battleground for the unionists, says McDougall. We found out this week on the annual release of Gers, which adds up all Scottish spending and taxes and states the size of the gap. An independent Scotland has the ability to expand on this and boost industries in Scotland by creating an environment where small and medium sized businesses can prosper. Many small countries thrive as independent entities and there is no doubt that Scotland could be one of them. Menu Toggle navigation Toggle navigation Toggle navigation Toggle navigation. It's unlikely that a small country could sustain a deficit of this size even in a pandemic: the UK has been hit bad, but we have the pound and the Bank of England's QE to lower the cost of issuing debt. Scotland has a lot going for it – technology, oil, a highly educated population and so on – but she still has to have a plan about issues like currency and cross-border trade. It's Obvious That An Independent Scotland Just Won't Be Economically Viable . Scotland can “more than afford to be independent”, Finance Secretary Derek Mackay will tell SNP delegates today. Scotland can afford to be an independent country. It's Obvious That An Independent Scotland Just Won't Be Economically Viable . They're Greece, Iceland and Ireland. Of course it's economically viable. In fact Scotland is better placed than any of those, having far more natural resources and a more highly educated population - Scotland has the highest proportion of university graduates in Europe, and third in the world. Jim Edwards Tuesday Jul 22, 2014 at 7:55 PM. John Bingham, head of real estate at Glasgow-based legal firm Bellwether Green, warns: “Independence is not financially viable. But whether it would be desirable is another matter An independent Scotland would be in a stronger position economically if it had its own currency 21 comments I FOUND Ivan McKee’s article (The people of an independent Scotland make the decision on a new currency, June 25) in The National a little disappointing. They show Scotland in a stronger fiscal position than the UK as a whole over the last five years to the tune of £12.6 billion. As even those who argue against independence now acknowledge, the viability of an independent Scotland is not in any doubt. Most of U.K.’s oil reserves lie … How would an independent Scotland have fared during the pandemic? My argument was (and still is) that independence could be economically costly, at least in the short term. ‘Independence, if achieved, would bring complications – both political and economic,’ he said. I can understand the rage at Brexit but over the next couple of years Nicola Sturgeon has to put forward a plan of how she is going to make an independent Scotland economically viable. Is an independent Scotland economically viable? Below is the Header and Main Menu - Click to go to Content, Below is the Content - Click to go to Main Menu, https://www2.gov.scot/resource/0042/00422987.pdf, Below is the Footer - Click to go back to the Top. Is an independent Scotland economically viable? Is an independent Scotland economically viable? But if he is saying that 'austerity in any form would be self-harming and entirely counterproductive', then this implies taxing Scots until the pips squeak. Scotland's oil revenue is running dry. Compared to brexit I recall hearing few statements in regards to economics last time round as it appeared to be solely a sovereignty issue. It’s ridiculous to argue that Scotland is too small or too poor to be independent. Scotland can afford to be an independent country. In Scotland, this was something of a head-scratcher. Official ­Government ­Expenditure and … Of course it's economically viable. B ack in 2014, the SNP made a big noise about just how well an independent Scotland could perform on the world stage. It's Obvious That An Independent Scotland Just Won't Be Economically Viable . Scotland is well placed for trade. AN independent Scotland would immediately be plunged into austerity as a result of being deprived of revenue from the rest of the UK to pay for public services, with … Quietly and without fuss, one of the key claims unionist economics, that Scotland is overly dependent on oil, has lost its menace. Jim Edwards Tuesday Jul 22, 2014 at 8:56 PM . An Independent Scotland Won't Be Economically Viable. It's Obvious That An Independent Scotland Just Won't Be Economically Viable . During the 2014 referendum the answer to naysayers was one word: oil. When economists talk about an independent Scotland, the countries they compare it to are not England or France. Just like Denmark, Finland, Ireland, New Zealand, and a host of other industrially developed nations of a similar size. Options for Scotland. No one should doubt that an independent Scotland would be economically viable. Conclusion Wales is not too poor to be an independent nation.

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