Taxation and welfare payment

Scotland already has systems for collecting tax and paying welfare benefits. These will need to be expanded to deal with the data transferred from UK administrations. Pensions will continue to be paid from government revenue. The details will be worked out in the independence negotiations.

How to start Scotland's own currency

A central bank needs to be established. Personal and business accounts need to be set up. Loans can continue to be paid in Sterling or the new currency. Pensions can also be paid in the same way.

Independent currency requirements

An independent Scotland needs its own currency. First requirement is a Central Bank. Then there the details of bank accounts, customer accounts (business and personal), repayment of loans, payment of pensions, and the printing and coining of money. All these are technical details which financial institutions are well versed in.

Payment of pensions

Currently large public and private organisations provide pension schemes.  This will not change. 

Better Pensions

The UK has the worst state pension in the developed world (defined as full OECD membership).  In 2018, it was only worth 28.4% of average income at retirement (based on the net replacement rate). The EU average percentage is more than double that of the UK pension.

Type of Resource
News Media
Primary Author or Creator
Believe in Scotland

Revealed: UK’s paltry pension can’t provide even the most basic standard of living

OECD figures in 2018 showed the UK paid out just 29% of average earnings on pensions. This is the lowest of any developed country. Top of the table were the Netherlands, which pays 100.6% of average earnings, Portugal at 94% and Italy at 93.2%. Blair McDougall - formerly of Better Together - has suggested the UK cannot afford to pay a pension capable of supporting the most basis standard of living for a single person. In fact, he thinks that even the suggestion that the UK can afford it is laughable.

Type of Resource
Blog
Date Published
Primary Author or Creator
Believe in Scotland

Busting the old Unionist anti-indy myths. Open minds on Scottish independence #19

This article looks at three myths about Scottish independence:

Myth 4: Business leaders are worried about the effects of independence.

Myth 5: A new Scottish currency would be difficult to establish

Myth 6: independence would threaten pensions

Type of Resource
News Media
Date Published
Primary Author or Creator
The National
Additional Author(s) / Creators
Believe in Scotland

THE IMPACT OF SCOTTISH INDEPENDENCE ON TAX, PENSIONS AND FINANCIAL SERVICES

The most likely overall outcome for taxation is that rUK would treat Scottish individuals and companies in the same way as it treats any other country's individuals and companies (and vice versa).  Scotland will need to establish its own financial regulator and resolution authority and make arrangements for continuing the licences and supervision of Scottish firms.  Arrangements for pension investments and payments will be required.

Type of Resource
Assessment report
Primary Author or Creator
Clifford Chance

TRANSITION TO A SCOTTISH CURRENCY

The decision on Scottish independence is a decision for the people of Scotland.  When making that decision it should be clear which currency an independent Scotland would use. If the people of Scotland vote for an independent Scotland with its own currency, that democratic mandate should be respected.

Type of Resource
Policy Paper
Primary Author or Creator
Peter Ryan
Additional Author(s) / Creators
Scottish Independence Convention

What happens to pensions after a Yes vote? Open Minds on Independence #9

Far from putting pensions at risk, independence gives us the chance to significantly increase the state pension. Even If we only match the European average that would double the current state pension. The UK could easily afford to do so but chooses not to, to help their friends in the City financial sector.

Type of Resource
News Media
Date Published
Primary Author or Creator
Believe in Scotland
Additional Author(s) / Creators
The National

The UK's worst state pension in developed world. Open Minds on Independence #8

The UK state pension is the worst in the developed world in terms of its value verses average wages. It ranks bottom in a list of countries compiled by the Organisation for Economic Co-operation and Development (OECD), paying out just 29% of the average wage.

Type of Resource
News Media
Date Published
Primary Author or Creator
Believe in Scotland
Additional Author(s) / Creators
The National

Was Britain's economy already broken or will Brexit break it? Open Minds on Independence #5

The economic situation has been made even worse by the unfolding disaster that is Brexit. Scotland voted to remain in the EU, because it was manifestly in our best interests to do so. But our votes were ignored, along with our opinions, our economic drivers and our arguments for a softer Brexit which would have allowed us to stay in the single market.

Type of Resource
News Media
Date Published
Primary Author or Creator
The National
Additional Author(s) / Creators
Believe in Scotland

Scottish Sovereignty Research Group

  • Research means to become independent which will be legally recognized other than through a Westminster sanctioned referendum

  • Continue to develop a written constitution.

  • Hold a broad survey among Scots to determine what kind of country they would like to see

Type of Resource
Web site
Primary Author or Creator
Scottish Sovereignty Research Group
Additional Author(s) / Creators
Add additional Authors and/or Publisher

What can the Scottish Parliament do with new social security powers?

An analsys of the d devolution of social security powers to the Scottish Parliament in the Scotland Bill.  Whilst the reforms have been represented as giving Scotland “one of the most powerful devolved parliaments in the world.” it is debatable that this is the case. In any federal system, powers lie by default with the states, not with central government. It is open to the states (and sometimes to local governments) to experiment and to innovate. Scotland will not be able to do this.

Type of Resource
Assessment report
Primary Author or Creator
Paul Spicker
Additional Author(s) / Creators
Common Weal

The introduction plan for the new Scottish Currency

The introduction of a new currency needs to account for customer deposits and loans and the Sterling pensions guarantee.

Type of Resource
Policy Paper
Primary Author or Creator
Tim Rideout
Additional Author(s) / Creators
Scottish Reserve Bank