In 2012, even if Scotland secured a per-capita share of North Sea oil, its annual deficit would have been 13.3% of GDP. Only Greece and Slovenia were in a weaker position.
Scottish government data show that with or without oil Scotland’s fiscal position is one of Europe’s weakest.
Keeping Sterling is overwhelmingly in Scotland’s interests given pension, trade and savings flows. The Scottish Government has no credible plan to address the key issue of currency choice.
A separated Scotland would take on a national debt of £116bn and rising, or £186bn with bank liabilities.
The UK enhances Scottish influence, security, public spending and cultural reach. A Yes vote would be unaffordable and would not enhance real independence.
Public spending in Scotland, relative to the size of the economy, has been consistently and substantially greater than in the UK as a whole.
In 2012/13, Scotland raised £48.11bn in tax receipts, including £552m as its per-capita share of oil revenues, and spent £65.2bn, running a fiscal deficit of £17.1bn, or £3226 for every man, woman and child.