Scottish independence: the bottom line

Christopher Pissarides, professor of economics at the London School of Economics, said being part of the Union gives a small economy like Scotland assurance that help will be forthcoming if something goes wrong.

“The last thing any Scot should wish is to give up the support potentially available from the UK (England?) for support from the European Union under Germany’s rules,” he said.

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Philip Rush, chief economist at Nomura investment bank, said: “Higher taxes on income would push many wealthy individuals and some companies they work for south of the Border, harming Scotland’s economy.”

Keith Wade, chief economist and strategist at Shroders, said “massive wrangling” between Holyrood and Westminster over tax and spending would be required for a currency union to work “to avoid a rerun of the euro crisis”.

“When combined with the considerable uncertainty over whether Scotland can remain in the EU, Scottish businesses would start to head south,” he said.

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