What would happen if Scotland achieved its independence? - by Paul Kelbie
According to recent polls, around 52 per cent of Scots would back moves to dissolve the Union of 1707, which means that after three centuries of shared blood, toil and tears, the marriage of convenience that turned a small island into a world power is shaping up for divorce.
If countries such as Malta, with a population less than Edinburgh's, can be self-governing, supporters of independence believe there is no reason why Scotland shouldn't. Optimistic nationalists claim Scotland could be as prosperous as Ireland, Norway, Denmark or Iceland with enough revenue from oil, gas, renewable energy and other industries to invest in a fund to look after future generations. The idea would be to invest revenues in a permanent reserve fund and use the interest to fund public services, pensions and other expenditure for years to come.
An international convention has determined that the North Sea north of the 55th parallel is under Scottish jurisdiction, which means some 90 per cent of the UK's oil and gas reserves are within Scottish waters. As far back as 1975, experts recognised that oil could make an independent Scotland one of the richest countries in Europe. A government report saying as much was labelled incendiary, classified as secret and hidden away for 30 years until it came to light at the end of 2005 as a result of Freedom of Information legislation.
In addition to oil Scotland has as much as 25 per cent of the EU tidal and wind resources, which if managed properly could deliver a second energy windfall for the country. However, like any divorce, it is likely that there would be a great deal of argument over the splitting of assets.
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