User:Ragbin/sandbox

Economy

Economy (YES)
In February 2014, the Financial Times noted that Scotland's GDP per capita is bigger than that of France when a geographic oil and gas is taken into account, and still bigger than that of Italy when it is not.[109] As of spring 2014, Scotland has a lower rate of unemployment (6.5%) than the UK average (6.9%)[110] and a lower fiscal deficit (including as a percentage of GDP)[111] than the rest of the UK. Scotland performed better than the UK average in securing new Foreign Direct Investment in 2012–13 (measured by the number of projects), although not as well as Wales or Northern Ireland.[112] GDP growth during 2013 was lower in Scotland than in the rest of the UK, although this was partly due to an industrial dispute at the Grangemouth Refinery.[113]Supporters of independence often claim that Scotland does not meet its full economic potential when subject to the same economic policy as the rest of the UK.[114][115] In 2013, the Jimmy Reid Foundation published a report that claimed UK economic policy had become "overwhelmingly geared to helping London, meaning Scotland and other UK regions suffer from being denied the specific, local policies they need". Margaret Cuthbert, the economist who authored the paper, said its conclusions were a direct challenge to the Better Together campaign, which says Scotland would be better off in the UK.[116] Later in January 2014, pro-independence politician Colin Fox also argued that Scotland is "penalised by an economic model biased towards the South East of England".[114]

Bank liabilities (NO)
The UK Treasury issued a report on 20 May 2013 which said that Scotland's banking systems would be too big to ensure depositor compensation in the event of a bank failure. The report indicated that Scottish banks would have assets worth 1,254% of GDP, which is more than Cyprus and Iceland before the last global financial crisis.[103] It suggested Scottish taxpayers would each have £65,000 GBP of potential liabilities during a hypothetical bailout in Scotland, versus £30,000 GBP as part of the UK.[103]

Bank liabilities (YES)
Economists including Andrew Hughes Hallett, Professor of Economics at St Andrews University, have rejected the idea that Scotland would have to underwrite bank liabilities alone. He observed that banks operating in more than one country can be given a joint bailout by multiple governments.[104] In this manner, Fortis Bank and the Dexia Bank were bailed out collectively by France, Belgium, and the Netherlands.[104] The Federal Reserve System lent more than US$1 trillion to British banks, including $446 billion to the Royal Bank of Scotland (RBS), because they had operations in the United States.[104][105]

Businesses which may move operations to England (NO)
Robert Peston reported in March 2014 that RBS and Lloyds Banking Group may be forced to relocate their head offices from Edinburgh to London in case of Scottish independence, due to a European law brought in after the 1991 collapse of the Bank of Credit and Commerce International.[106] Standard Life, one of the largest businesses in the Scottish financial sector, said in February 2014 that it had started registering companies in England in case it had to relocate some of its operations there.[108]

Oil and gas(YES)
In November 2013, Chic Brodie MSP said that Scotland was "deprived" of economic benefit in the 1980s after the Ministry of Defence blocked oil exploration off the West of Scotland, ostensibly to avoid interference with the UK's nuclear weapons arsenal.[117]

Pensions(NO)
Weir Group, one of the largest private companies based in Scotland, commissioned a study by Oxford Economics into the potential economic effects of Scottish independence. It stated that independence would result in additional costs and complexity in the operation of business pension schemes.

Financial institutions(NO)
[107] The Oxford Economics report found that 70% of all Scottish exports are sold to the rest of the UK, which it said would particularly affect the financial services sector.[107] Standard Life, one of the largest businesses in the Scottish financial sector, said in February 2014 that it had started registering companies in England in case it had to relocate some of its operations there.[108]

Corporation Tax (NO)
Weir Group, one of the largest private companies based in Scotland, commissioned a study by Oxford Economics into the potential economic effects of Scottish independence.[107] It found that larger companies such as Weir would lose through not being able to offset losses in Scotland against profits in the rest of the UK, even though the Scottish Government's proposal to cut corporation tax would mitigate this.[107]