Can Scotland really go it alone?
As we wait publication of the Calman report this week, into potential devolution in Scotland, there are many issues to weigh up regarding the future of Scotland and the Scottish economy. For some time now the SNP, the ruling party in Scotland, has been very vocal in its support of an independent Scotland and if the leaked proposals were put into action this would certainly be a step forward. But can Scotland really go it alone?
While there is no doubt that Scotland has a very strong financial industry, a lucrative whiskey sector and significant oil resources nearby, the ongoing recession has highlighted a number of frailties within the Scottish economy. When you consider the fact that the Royal Bank of Scotland and HBOS were both bailed out with UK taxpayers money this is money which would not be available if Scotland was an independent nation.
While there are many advantages to being independent of the UK union there are also many advantages to being part of a very strong economy and a UK government which has access to significant funding. If Scotland were to go it alone then the situation would be very different and there would be a need to balance taxation income with the need to attract businesses and business leaders to the country.
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