Scotland - both rich and poor?
In terms of the UK regions it (Scotland) ranks third in terms of income per head after London and the south-east. Edinburgh is the heart of the biggest concentration of financial services firms outside London, and Aberdeen is the home of the oil industry. Scotland has a thriving biomedical sector, and a big defence, marine and aerospace presence. The food and drink industry has some strong global brands which have been helped by the attention on Scotland generated by the referendum. Much poorer countries than Scotland have gone it alone.
The austerity debate also cuts both ways. Public spending is higher in Scotland than in the UK as a whole, and the population is ageing more quickly. Britain's leading experts on tax and spending matters, the Institute for Fiscal Studies, have made a bleak assessment of what lies ahead after independence: "Despite the considerable uncertainty surrounding the future path of borrowing and debt in Scotland, the main conclusion of our analysis is that a significant further fiscal tightening would be required in Scotland, on top of that announced by the UK government, in order to put Scotland's long-term public finances on to a sustainable footing." Gordon Brown, the former prime minister, has been making this point more starkly. Pensions, he has said, will be at risk.
Will an independent Scotland commandeer UK oil and gas tax revenues from operations in Scottish waters? If so it will be a massive hit for Westminster and the English etc. will suffer as £billions are pumped into the new Scotland.