Today is Independence Day, the 24 March, the day Alex Salmond nominated as his ‘independence day’ following a Yes vote. Today’s edition of The National, the newspaper dedicated to the cause of Scottish independence, imagines what might have been. But one rather important story is missing. Yesterday, the Institute for Fiscal Studies updated its forecasts on what an independent Scotland would look like. The result: it’d have the worst deficit in the developed world (see graphic, below).
In his official forecasts Alex Salmond envisaged raising up to £7.5 billion of oil revenue. This was before the oil price plunge. Last weeks’ Budget revealed the actual amount: zero. (The graph, below, shows the changing picture). Hence the deficit.
Of course, Scotland could never run such a deficit. If newly-independent Scotland wanted to trade and borrow like a normal, successful country, it could not start life as an economic basket case.
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