INDEPENDENT SCOTLAND WOULD BE ONE OF WORLD’S TOP ECONOMIES
Thursday, 06 February 2014 12:13
FT ANALYSIS CONFIRMS “HEALTHIER STATE FINANCES” THAN UK
An independent Scotland would be one of the world’s top economies according to analysis published in the Financial Times.
The FT analysis confirms that an independent Scotland would be one of the world’s top 20 countries by GDP per head – ahead of where the UK is now in rankings from the International Monetary Fund and in the world’s top 50 by overall GDP according to the most recent figures.
The analysis also shows that even without oil Scotland would still be one of the wealthiest countries in the world and that an independent Scotland would have stronger public finances than the rest of the UK according to the report, with the FT concluding that an independent Scotland could “expect to start with healthier state finances than the rest of the UK”.
The Financial Times report also highlights that based on the £98bn of exports from Scotland in 2012 Scotland would be 34th largest exporter in the world – a position that could be enhanced with the powers set out in Scotland’s Future to better support exporting firms and to promote Scottish products around the world.
The FT analysis supports Scottish Government figures showing that in 2011 an independent Scotland would be the 8th richest of those countries in the OECD
Welcoming the report Falkirk East MSP Angus MacDonald said:
“Scotland can more than afford to be an independent country – and this is a very welcome confirmation of that fact.
“That position is now accepted by the UK Government, the No campaign and has been re-enforced by today’s in-depth analysis from the FT.
“Scotland has paid more in revenues per head in each of the last 32 years than the UK as a whole and a look at Scottish revenues and spending over the last five years figures show Scotland would be relatively better off to the tune of £12.6bn as an independent country.
“This report shows that Scotland would start life as an independent nation from a position of real strength and with the powers of independence we can improve our economy further, increase growth rates and ensure we not only have more of our working age population in employment, but that we can increase our working age population overall.
“And with an estimated 24 billion barrels of North Sea Oil with a wholesale value of around £1.5 trillion as well as our immense natural energy resources, it is clearer than ever that with a Yes vote in September Scotland can be a successful independent nation.”