If Scotland had voted yes then its first year as an independent state would have cost £10bn, says new research

New research

Alastair Cameron, Director of Scotland in Union, believes the new research shows that Alex Salmond glossed over more than just oil revenues when making their case for independence. 

He said: “For many of us, staying in the United Kingdom is about more than pounds and pence.  We believe we are stronger working with our friends and neighbours.  But the economics are essential.  Lots of people voted Yes in good faith believing the projections in the ’White Paper’.  They trusted Alex Salmond when he said we would be better off independent.

“This new and independent analysis of the financial costs of breaking away lays bare the challenges Scotland would have faced, and demonstrates Alex Salmond glossed over more than just oil revenues.  We would all have paid a high price for his political obsession.

“On the day that Scotland could have broken away from the UK, we can reflect on what might have been and celebrate the decision to stay stronger in the UK.

“Now that we know the full costs of independence, including the drop in oil revenues, most Scots – whether they voted Yes or No – will be glad we are still backed by the strength of the UK.

“Nicola Sturgeon should now rule out another referendum or tell the people of Scotland where the spending cuts or tax rises will fall to pay this bill.”

Breakdown of the £10.4 billion

Loss of Barnett: £7.5bn

Additional interest payments: £250 million

Currency costs: £415 million

Lost EU rebate: £525 million

Border control costs: £90 million

Loss of renewable subsidies: £510 million

Government set up costs: £1 billion

Tuition fees: £150 million

TOTAL: £10.4 billion

Full workings and calculations in the report.

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