How would indy Scotland get back in to EU ?
Scotland wouldnt get special treatment from EU requirement for application.
Its in the Copenhagen agreement, and Scotland needs, as an example
A market economy
Estimates suggest Scottish government overspend by 22% and would have to raise taxes to 58% of GDP to cover present spending, hardly allowing competition as private companies would leave Scotland because they are free to chose more favorable places to trade.
Even SNP reports expects banks and services to relocate after indy, just hopes not too many but banks stated, in writing, they would move £1tn investment out of Scotland for stability Scotlands banking is English owned and is 8% of Scotlands revenue.
There's no Scottish Central Bank with Reserves that EU require, it took Scotlands GDP from Westminster to bail out banking in the world wide collapse
Totally insufficient to have a reserve Bank to guarantee Scottish finances Scot govtcalculate they would need a reserve of £50bn, they currently have £0.
Remember the Scottish National Investment Bank is not a reserve Bank, its owned by the Scottish government, does not do normal banking operations nor accepts deposits.
The bank was set up with £2bn of taxpayers money to fund commercial projects across Scotland with only £20bn investment planned in 10yrs.
The Scottish national investment bank has reported a loss of £3.4m 2 years ago and say the failed recycling plan resulted in a £4.5m loss last year.
An independent Scotland would need tight public spending rules to bring the country’s deficit down below 3%, hence a near decade of near austerity.
SNP white paper in 2014 estimated 5-10 years of austerity (they use its meaning, but avoid the word), for Scotland to get its 9% deficit down to 3% ( and its now 15% without temporary oil taxes)
Scotland annual overspending is 5x what Europe and its banks, consider an acceptable maximum.
The EU require a maximum debt of 60% of GDP for application, Scotlands share of UK debt is double that.
The EU membership application conditions include
. "Not under excessive deficit procedure at the time of examination" for
"Government deficit and debt" are the issues that will stop Scotland even applying to join for some time.
In 2013 Scotland got a £8m fine from EU for failures to implement and regulate European Union CAP support.
The Scot Govt under Nicola Sturgeon also paid a £5.6 million (€6.4 million) fine after a 2020 EU audit uncovered more failures with how it was administering EU Common Agricultural Policy (CAP) payments to Scottish farmers.
So Scotland will be under closer than usual scrutiny with its history of misrepresentation.
Article 49 allows any “European State” to apply to become an EU member. So Scotland must resolve its exit from the UK and be established as an independent sovereign state prior to making its formal application to join the EU.
Obviously Brexit has harmed the whole UK economy, but as part of the UK there is a renegotiation window next year, to form a closer relationship whereas an Independent Scotland could be outside the EU if applying for the best part of 10 years.
At the moment, with the Barnett Formula, Scotland receives on average £41 billion, that would obviously go. You could argue that Scotland would get 90% of North Sea Oil which could in a good year being in around £33 billion to make this up, but prices are volatile and generally falling
During the period between 2014/15 and 2019/20, spending averaged £1,550 (or 12.3%) higher per person in Scotland than the UK average, while revenues were £325 (or 2.8%) lower per person.That trend has continued.
The spend on public services as a result of UK funding is around 30% higher on average than for comparable services across the UK.
For every extra of £1 billion of NHS spend by the UK govt the Scottish NHS receives £100 million.
With a shared currency as at present it is far easier to conduct transactions with Scotland's largest trading partner, England, as well as paying pensions which come from a shared UK pot.
As an island, it is easier and more practical to have a shared defence force.
As part of the UK , there is a stronger voice in the UN, as well as being part of the G7.
Tourism: A large proportion of Tourism which comes to Scotland is from people visiting the UK as a whole (going to see London etc as well as visiting Edinburgh/the Highlands). So the Tourist industry is not just based on a 'Visit Scotland' income.
Deposits guaranteed up to £85,000 across the UK by the Bank of England..how long does a Scottish Central Bank take to build up reserves for an equivalent?
So, savings, currency, economy, defence, pensions, influence, relations with Europe, tourism.
Edited by Jedi2
