What would happen to Scotland's economy after independence? 15 January 2012Last updated at 02:51 By Douglas Fraser BBC Scotland Business and Economy Editor The big question is whether the Scottish people would be better off or not outside the UK Timing... the question... legality. Let's cut to the chase about Scottish independence. What would it mean for the economy? The answer matters, of course. One recent poll suggested that support for or against is decisively swayed if people think they would be better or worse off by £500 per year. But which would it be? We can at least consider some of the questions of independence for the economy of Scotland - and for the rest of the UK.
Historically, Scotland's growth has been lower than the rest of the UK. From the mid-2000s, it averaged about the UK level, helped by growth in the finance sector. That doesn't only mean the discredited boom for Royal Bank of Scotland and Halifax Bank of Scotland. Through the downturn, Scotland's growth has been close to the average position of the UK. Smaller nations “Start Quote. Scottish independence: simple question - but no easy answers. Foundation essay: This article on the debate over Scottish independence is part of a series marking the launch of The Conversation in the UK. Our foundation essays are longer than our usual comment and analysis articles and take a wider look at key issues affecting society.
The Edinburgh Agreement of October 2012 pledged both Scottish and UK governments to holding a referendum on Scottish independence before the end of 2014 and to accepting the outcome. A few weeks later, with the help of the Electoral Commission, they agreed on the wording of the question: Should Scotland should be an independent country? Yes/No The outcome will be decided by a simple majority of those voting. At the insistence of the UK government, middle-ground proposals (generally known as “devolution-max”) canvassed by various groups, providing for more devolution without independence, were excluded from the ballot. Money matters Click to enlarge Much of the debate has focused on economics. And what of Europe? Scotland's future. Who loses if Scotland goes it alone? The claim “Being part of the United Kingdom is good for Scotland, and Scotland being part of the United Kingdom is good for the rest of the United Kingdom.”David Cameron, May 11 2011 The background With Alex Salmond’s SNP winning a majority in the devolved parliament for the first time last week, Scottish independence is firmly back on the political agenda.
There will be a referendum on the issue within five years, although Mr Salmond now says that will happen towards the end of his term as First Minister. That could have something to do with a lack of clear support for a break from the United Kingdom among Scots. A new YouGov poll for the Sun found that only 29 per cent back independence – as opposed to 41 per cent of adults in England and Wales. That’s been interpreted as a reflection of the belief in the rest of the UK that Scotland is being subsidised by taxpayers further south. Mr Cameron promised this week to make an “uplifting and optimistic case of why we are better off together”. Scottish Independence: Key questions answered - Top stories.
WELCOME to The Scotsman’s comprehensive guide to the Scottish independence referendum in 2014. It is our intention to draw all of The Scotsman’s coverage together in one place to answer key questions, outline facts and provide a practical and simplified overview to voters and those interested in the referendum. Timeline to the Scottish independence referendum >> • What date will the Scottish independence referendum be held on? Scots will go to the polls in the historic vote to decide the nation’s future on Thursday, 18 September, 2014. • What will be the Scottish independence referendum question? The question that will be put to voters will be “Should Scotland be an independent country ?”. • What is the voting age in the Scottish independence referendum?
The Scottish Independence Referendum (Franchise) Act gave 16- and 17-year-olds the right to vote in next year’s referendum. • What would happen to the oil? • What currency would an independent Scotland have? • Would Scotland be allowed in the EU? Scottish independence: Your questions answered.