AFP, London :
This week’s Scottish independence referendum is a lot about the economy, experts say, as voters mull the outlook for their currency, oil revenues, jobs, national debt and EU membership.
Scots will cast their ballot Thursday in a knife-edge vote that could see Scotland scrap its historic union with the rest of the United Kingdom.
British Prime Minister David Cameron, who wants Scots to stay in the union, has already vowed that he will not allow an independent Scotland to keep using the pound, and ruled out any form of currency union.
Other key issues are how an independent Scotland will manage to pay its share of the UK’s national debt, and how it will raise the extra billions needed to fund a credible “lender of last resort” to any stricken banks.
Scottish National Party (SNP) leader and First Minister Alex Salmond, who heads Scotland’s devolved government, argues independence will allow it to take full control of economic policy-how taxes are raised and spent.
Divisions have also emerged over the potential of oil reserves in the North Sea off the coast of Scotland-which has a direct impact on revenues.
The Scottish government is predicting up to £38.7 billion ($62.9 billion, 48.5 billion euros) in revenue over the next five years, while Britain is forecasting £17.6 billion.
“The ‘Yes’ campaign faces many questions over the economy, not least the issue around what currency it takes and how it intends to pay its share of the national debt, but also concerns around the overstating of North Sea oil reserves and their likely tax receipts,” said Nick Lewis, head of trading at Capital Spreads.
The pro-unity camp also argues that the 300-year-old union has allowed Scotland to capitalise on its strengths in the global market, adding that independence would endanger an estimated 270,000 Scottish jobs that are directly linked to trade with the rest of the UK.
This week’s Scottish independence referendum is a lot about the economy, experts say, as voters mull the outlook for their currency, oil revenues, jobs, national debt and EU membership.
Scots will cast their ballot Thursday in a knife-edge vote that could see Scotland scrap its historic union with the rest of the United Kingdom.
British Prime Minister David Cameron, who wants Scots to stay in the union, has already vowed that he will not allow an independent Scotland to keep using the pound, and ruled out any form of currency union.
Other key issues are how an independent Scotland will manage to pay its share of the UK’s national debt, and how it will raise the extra billions needed to fund a credible “lender of last resort” to any stricken banks.
Scottish National Party (SNP) leader and First Minister Alex Salmond, who heads Scotland’s devolved government, argues independence will allow it to take full control of economic policy-how taxes are raised and spent.
Divisions have also emerged over the potential of oil reserves in the North Sea off the coast of Scotland-which has a direct impact on revenues.
The Scottish government is predicting up to £38.7 billion ($62.9 billion, 48.5 billion euros) in revenue over the next five years, while Britain is forecasting £17.6 billion.
“The ‘Yes’ campaign faces many questions over the economy, not least the issue around what currency it takes and how it intends to pay its share of the national debt, but also concerns around the overstating of North Sea oil reserves and their likely tax receipts,” said Nick Lewis, head of trading at Capital Spreads.
The pro-unity camp also argues that the 300-year-old union has allowed Scotland to capitalise on its strengths in the global market, adding that independence would endanger an estimated 270,000 Scottish jobs that are directly linked to trade with the rest of the UK.
