Nicola Sturgeon warned debt hampers ANY independence bid ‘economies are meshed together!’
Scotland and UK ‘economies are meshed’ says expert
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Economist and senior fellow at the think tank Brexit Central, Catherine Mcbride insisted there would be economic difficulties for an independent Scotland. During an interview with Express.co.uk, Ms Mcbride noted that Scotland’s economy is tied closely to the rest of the UK’s. She warned Nicola Sturgeon of the benefits Scotland would lose with independence as well as the new challenges it would face.
Ms Mcbride said: “I have always believed that the Scots are very smart people and good with finances.
“They should be aware they presently have a budget deficit of about £15 bn, their public spending is just over £80 bn and their tax revenue is about £66bn.
“That money will be gone if they leave the United Kingdom.
“That money comes from the UK, predominately from England, English citizens.
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“That allows Scottish public spending to be about 20 percent higher per person than it is England, that is due to the Barnett formula.”
The economist reiterated some of the benefits Scotland gets from being tied to the United Kingdom and how this would change post-independence.
“Sixty percent of Scotland’s exports are to the UK.
“Our economies are very meshed together so I do think Scotland leaving the UK is going to be difficult.
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“Scotland also benefits from things like Government procurement contracts such as there are 18 Navy vessels being built in Scotland between 2014 and the 2030s.
“Those contracts were really given to Scotland before the last referendum on independence.
“I think things like that will disappear if Scotland leaves the union.”
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Nicola Sturgeon was able to hold on to her seat and position as First Minister following last Thursday’s Holyrood election.
In her acceptance speech, Ms Sturgeon insisted she would be focussing on bouncing back from the coronavirus pandemic.
However, she also noted that Scots would get the chance to decide on independence when the time is right.
Prime Minister Boris Johnson congratulated Ms Sturgeon on her re-election and said: “I would like to invite you to join me, UK Government colleagues and others at a summit meeting to discuss our shared challenges and how we can work together in the coming months and years to overcome them.”
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