ItsAllGoingToBeFine
Re EU membership.
Apparently there are two options on this:
Scotland becomes a partition of the UK. That means Scotland would automated retain membership of the EU, debts etc would be split by population...
That would mean that Scotland wasn't an independent country.
Scotland becomes an entirely new country. This would be entertaining in many ways. Scotland would have to apply to join the EU yes. But so would England/wales/NI as they would be a new country too.
The UK would not be a new country so would not need to rejoin.
And under non-proliferation treaty we wouldn't be allowed to give nukes back to England.
That seems to me to be an argument conjured up by anti-nuclear campaigners rather than an actual reading of the NPT.
JollyDiane as far as I am aware assets that are physically located in a particular country will stay there. Re debt etc, I believe this is done by head of population so as Scotland has say 10% of the total population of the UK it would take on 10% of debt.
It may not be. It may be done by GNP.
Currency. Initially probably not. Scots would retain the pound, with interest rates set by Bank of England.
Only if the UK agreed the Scotland could do that. It's a British currency, not a Scottish one. You can't assume that the Treasury would agree to that.
Scotland would probably lose its triple A rating yes. However, thsi is the not disaster some make it out to be. Japan has, I think an AA- rating, but gets better rates than the UK as it hasa healthier economy.
The credit rating is not a reflection of the health of the economy. It is a reflection of the belief by the credit agency that the country will be able to repay its debts. It is a reflection of risk.
Re companies, I guess they would be regulated the way they currently are if operating in more than one country (don't know what that is though).
Scotland would probably simply continue using EU and British legislation for its corporations.
Re bailing out banks. Under international convention, if Scotland had been independent at the time of the RBS debacle it would have only been responsible for the percentage of activity that takes place in Scotland, which I think is about 10% of the total. So not a problem.
I don't think that's correct, but let's assume it is. The combined debts of the two failed Scottish banks is something like £200Bn. That would give you £20Bn of debt to underwrite against a GDP (2009 figure) of £140Bn. That immediately adds 14% to the country's debt to GDP ratio which will be well over 100% if we're assuming Scotland takes its fair share of the UK's debt. It's a very serious problem and not one you should take lightly..
Westminster would no longer have Scottish MPs. This would make very little difference to the overall make up of Westminster as Scotland (and Wales) have such a low percentage of population. Fundamentally, the UK gets the government that the English (especially SE English) vote for, and this has always been the case.
Incorrect. Scotland's political influence is heavily over-weighted in Westminster. Look at the figures for the number of electors each MP is responsible for.