Economy

A prosperous Scotland

Stephen Richard — Mon, 18 Oct 2021 21:32:13 +0000

A prosperous Scotland Stephen Richard Mon, 10/18/2021 - 22:32

Author or Creator

Believe in Scotland

Prosperity Requires:

Natural Resources and Scotland is a Resource-Rich Country
A Skilled Population - One of Scotland’s most valuable resources is its people
Excellent Sectoral Clusters and Products - Scotland will compete on quality within the global economy.
Extensive Financial Service Systems. Scotland has many institutions that can handle large scale financial projects, expansions and
investments.

Scotland's natural wealth could clearly be one of the key foundations of Scotland's future prosperity as a independent nation. It is unreasonable to believe that a country as naturally wealthy as Scotland would not thrive if it were to gain the power to manage these resources for Scotland's benefit rather than have those benefit diluted and distributed across the rest of the UK.

Scotland has a surplus in international trade in goods. The rest of the UK's and especially England's, has a trade deficit. Scotland has many; exporting advantages an significant untapped potential. Scottish exports and economy are far more likely to thrive with the bespoke policies and attention they would receive in an independent Scotland.

Scotland is an innovative nation, but we rely on EU skilled labour and access to the single market. The Brexit settlement is a real threat to Scotland. Investing in innovation and cutting edge industries together with bespoke innovation policies will be a key plank of the economic strategy of an independent Scotland.

Scotland has a highly developed infrastructure. Devolution has provided a head start in setting up the governing structure needed upon independence.

Scotland possesses enormous human capital advantages and is investing heavily in the potential of the younger members of our society.

Brexit is the only manor threat to Scotland's prosperity and that alone makes Scotland staying within the UK the greater risk than the required constitutional changes of independence.

Sources and Links

https://www.businessforscotland.com/product/scotland-the-brief-1-single-mini-fo…

Keywords

Economy

Economic sectors

Finance

Scotland's contribution to the UK economy

Stephen Richard — Mon, 18 Oct 2021 12:03:01 +0000

Scotland's contribution to the UK economy Stephen Richard Mon, 10/18/2021 - 13:03

Author or Creator

Business for Scotland

The more northern areas of the UK have suffered years of de-industrialisation, high unemployment and lower investment that followed the emergence of London-centric finance and service-led economic policy under consecutive Conservative and New Labour governments.

Put simply, when the UK runs a surplus Scotland contributes more to the surplus, and when the UK runs a deficit Scotland has to pay more of the debt back than it is responsible for. It’s a “lose/lose” situation for Scottish tax payers and especially for those in need of support from the state.

How does a political and economic system that drains billions in revenues from Scotland and leaves the poor unable to heat their homes make us better together? The current Westminster system leaves many Scots children in poverty and growing up in a culture of hopelessness. It leaves our nation’s families comparatively poorer despite the fact that we generate more tax revenue per head that the rest of the UK.

How can anyone justly claim that is worth fighting for? But then maybe that is why the No camp does not actually campaign on the economic and social record of the Westminster system but rather campaign against independence and, by extension, against the hopes and aspirations of those of us that see independence not as an end in itself but a means to an end whereby we build a stronger, safer, richer, fairer and all round better Scotland.

We can build a Scotland which gets the best of both worlds from remaining in partnership with our friends across the British Isles in areas where we share mutual interests, but most importantly being able to shape our own economic future and maximise our own resources to benefit more Scots today and in generations to come through self-government.

Keywords

Wealth

wealth distribution

Economy

GDP indicates Scotland has a good economy

Stephen Richard — Mon, 18 Oct 2021 11:22:57 +0000

GDP indicates Scotland has a good economy Stephen Richard Mon, 10/18/2021 - 12:22

Author or Creator

Fraser of Allander Institute

The definition of a good economy is difficult as there are many viewpoints. GDP provides an international comparison. In most years, Scottish GDP per head is larger than UK GDP per head when a geographical share of North Sea oil and gas extraction is included. This is higher than the OECD average. When only a population share of oil and gas is considered, the Scottish GDP per head is slightly below the OECD average. But higher than Italy’s, New Zealand’s, Japan’s and South Korea’s.

In most years, Scottish GDP per head is larger than UK GDP per head, when a geographical share of North Sea oil and gas extraction is included. Some may therefore be inclined to report this figure, and even imply that the average Scot is better off than the average person in the UK as a whole. That is a strong claim to make, and one that requires some caveats, which we will discuss further down.

Scotland’s (and the UK’s) GDP per head at purchasing power parity was lower in 2019 than what we would consider some of the traditionally wealthiest countries: the Scandinavian countries, the US, Germany, France or Australia.

Significantly however, when including a geographical share of oil and gas, the number for Scotland was higher than the OECD average (an organisation of mostly rich countries). And even when ‘only’ a population share of oil and gas is considered, the Scottish figure is slightly higher than Italy’s, New Zealand’s, Japan’s and South Korea’s – all countries that many people would consider ‘wealthy’.

Scotland appears to be doing well by one of the most significant measures of economic performance used and recognised internationally.

Keywords

Economy

Economic data

GDP

Scotland has all the organisation for independence

Stephen Richard — Sun, 17 Oct 2021 08:29:22 +0000

Scotland has all the organisation for independence Stephen Richard Sun, 10/17/2021 - 09:29

Author or Creator

Richard Mackenzie-Gray Scott

Considering Scotland has all the necessary machinery in place to become an independent state, we see no obvious reasons why Scotland would not succeed economically if it were to do so, especially if achieved within the bounds of the law.

Keywords

Economic forecasts

Economy

Economy of an independent Scotland

Would independent Scotland be more prosperous?

Stephen Richard — Fri, 15 Oct 2021 21:55:06 +0000

Would independent Scotland be more prosperous? Stephen Richard Fri, 10/15/2021 - 22:55

Author or Creator

Stephen Richard

That is largely unknown, but Scotland will be able to take its own course in economic and social development. Choices can be made that are relevant to Scotland rather than in a dominant larger entity with different priorities.

Keywords

Economy

social welfare

Exclusive: research shows Scotland would have benefitted more from independence than devolution

Stephen Richard — Fri, 05 Nov 2021 12:15:03 +0000

Exclusive: research shows Scotland would have benefitted more from independence than devolution

Primary Author or Creator

Believe in Scotland

Stephen Richard Fri, 11/05/2021 - 12:15

Alternative Published Date

2021

Category

Economy

Fast Facts

Many countries have shown great success after independence, particularly in terms of GDP growth and developing their own currency. Overall, it can be suggested that full independence would have contributed to greater GDP growth for Scotland than devolution.

More details

Since 1990, 34 territories have become independent countries. Many of these new countries were formed as a result of the dissolution of the USSR and Yugoslavia during the 1990s. Others formed as a result of independence and anticolonial movements.

The 1990s was also a significant period for Scotland, with the reconvening of the Scottish parliament and the transfer of devolved powers. This article sets out to compare the different experiences of these newly independent countries and Scotland as a devolved nation, analysing the various currencies that have been adopted, their GDP growth rates and their successes as independent countries.

This will allow us to determine whether Scotland would have benefitted more from independence in the 1990s than from the limited powers obtained through devolution. We will also be able to offer a hypothetical picture of what an independent Scotland may have looked like, including its potential currency and the country’s probable financial situation.

EU members

First, let’s look at the countries that have joined the EU since declaring independence, and examine the currencies that have been adopted and the impact independence has had on their GDP. Of the countries formed since 1990, eight have become members of the EU, including Estonia, Latvia, Lithuania, Croatia, Slovenia, Germany, Czech Republic and Slovakia.

However, not all of these countries have chosen to employ the Euro. For example, Croatia and the Czech Republic introduced their own currency after independence. In fact, in Croatia the National Bank was formed in 1990, before the country was actually independent, and the new Croatian Dinar followed in December 1991. In May 1994 the Croatian Kuna replaced the Dinar, as part of the government’s stabilisation programme that followed Croatia’s involvement in the Bosnia-Herzegovina war. This stabilisation programme and the introduction of the Kuna brought inflation down from the 1993 rates of 1616% to 1.0% in 1994 and 3.7% in 1995. Since the introduction of the Croatian Kuna, it has remained stable and has effectively countered inflationary expectations.

Employing the Euro after independence is not a necessity and countries can join the EU without doing so

Some of the other newly independent countries adopted the Euro further down the line after independence and several years after joining the EU. For example, Estonia gained independence in 1991 and established its own currency – the Estonian Kroon – just 10 months later. Estonia joined the EU in 2004 but did not adopt the Euro until 2011. This highlights that employing the Euro after independence is not a necessity and countries can join the EU without doing so.

The figures show that on average the newly independent countries that have joined the EU have a GDP growth rate of 2.84%. Those that have joined the EU and adopted the Euro have an average of 3.07%. Those countries that are members of the EU but have their own currency averaged at 2.15%.

Non-EU members

So, what is the currency situation and average GDP rate in newly independent countries that are not members of the EU?

The data suggests that across most of these independent countries, a new currency has been formed. The average GDP growth since independence across all of these countries is 2.68%. Among those countries that have created their own currency, it is 3.09%. This suggests that the introduction of a new currency after independence may benefit GDP growth rates.

Scotland

Since the 1990s Scotland has held certain devolved powers. However, unlike the countries that we have examined throughout this article Scotland has not obtained full independence. As a result, it continues to use the British Pound as its currency. So, how does Scotland’s annual GDP growth compare to the newly independent countries that we have looked at? Since devolution was introduced until the present day, Scotland’s GDP growth rate averages at 1.4%. This is considerably lower than the averages we have seen across the many newly formed countries, both within and outside of the EU.

Conclusions

Ultimately, this article has highlighted that different routes and options exist for newly independent counties with regards to currency and EU membership. Many of the countries that have been analysed in this article have shown great success after independence, particularly in terms of GDP growth and developing their own currency. Overall, it can be suggested that full independence would have contributed to greater GDP growth for Scotland than devolution.

Resource Address (URL)

https://www.believeinscotland.org/research-shows-scotland-would-have-benefitted…

Keywords

Prosperity

GDP

Economy

Language English

Scotland the Brief

Stephen Richard — Tue, 26 Oct 2021 20:19:05 +0000

Scotland the Brief

Primary Author or Creator

Gordon MacIntyre-Kemp

Stephen Richard Tue, 10/26/2021 - 21:19

Additional Author(s) / Creators

Business for Scotland

Publisher

Business for Scotland

Alternative Published Date

2020

Category

Economy

Public Finance

Type of Resource

book

Length (Pages, words, minutes etc...)

191pp

Fast Facts

All you need to know about Scotland's economy, its finances, independence and Brexit.

More details

Scotland the Brief began as a collection of illustrated Scottish economic facts published by Business for Scotland. Over two years, those graphics generated more than four million views and shares on our website and via social media. From that foundation, we’ve produced this book.

Scotland the Brief summarises an in-depth investigation into the breadth, structure and quality of Scotland’s economy. It is written in layman’s terms by Gordon MacIntyre-Kemp and colourfully illustrated by Stewart Bremner to make it easy to understand and absorb, as well as fun to read.

Scotland the Brief answers the burning question – would Scotland prosper as an independent nation?

We also take an in-depth look into the UK Government’s economic record, which we compare to other Western and Northern European nations – with frankly shocking results. The fact is that you cannot truly understand Scotland’s economy and its finances until you have read Scotland the Brief.

Regardless of how you feel about independence, Scotland the Brief will open your eyes, engage and educate you by supplying you with the facts you need to truly inform your opinion on Scotland’s future.

Scotland the Brief comes in two versions:

The standard-sized A5 book nicknamed the Maxi contains a lot more information across 190 pages, backed up with a numbered list of 418 sources for facts throughout the book. A reference copy for anyone who wants to understand Scotland economy – The Maxi book retails at £7.50.
The Mini, an A6 sized book is the quick reference copy (a 74-page abridged version of the full-sized book) it fits easily into a jacket pocket or handbag and most of the pre-orders are for people who intend to keep one to read and one give to friends and colleagues. The Mini retails at £3.50.

Resource Address (URL)

https://www.businessforscotland.com/scotland-the-brief/

Keywords

Language English

How Brexit shapes people's views on Scottish independence

Stephen Richard — Tue, 05 Oct 2021 11:18:44 +0000

How Brexit shapes people's views on Scottish independence

Primary Author or Creator

John Curtice

Stephen Richard Tue, 10/05/2021 - 12:18

Additional Author(s) / Creators

BBC

Date Published

Wed, 01/20/2021 - 12:00

Category

Independence

Type of Resource

web page

Fast Facts

A review of polls at January 2021 shows increasing support for independence, possibly due to Brexit.

Resource Address (URL)

https://www.bbc.co.uk/news/uk-scotland-scotland-politics-55803103

Keywords

Brexit

Economy

Independence polls

Language English

What are the arguments against Scottish independence?

Stephen Richard — Sun, 03 Oct 2021 22:26:59 +0000

What are the arguments against Scottish independence?

Primary Author or Creator

Jenna Macfarlane

Stephen Richard Sun, 10/03/2021 - 23:26

Additional Author(s) / Creators

National World

Date Published

Wed, 05/26/2021 - 12:00

Category

Independence

Type of Resource

News Item

Fast Facts

There’s a multitude of reasons why people aren’t in favour of independence. We take a look at them including the economy, borders, currency, whether there is real benefit to the union.

Resource Address (URL)

https://www.nationalworld.com/news/politics/what-are-the-arguments-against-scot…

Keywords

Language English