All you need to know about Scotland's economy, its finances, independence and Brexit.

Scotland’s competitive advantage in green energy ought to be an important part of the economic case for independence when the second referendum takes place.

This looks at three myths about Scottish independence:

MYTH 1: You'll have had your referendum.

MYTH 2: Scotland has a huge deficit because we spend too much on public services. 

MYTH 3: The costs of establishing Scotland as an independent country will be huge. 

Scottish independence would be 2-3 times more costly than Brexit over 15 years. Rejoining the EU wwll make up part of the difference in trade value.  This made headline news for a time.  The methodology has been questioned.

Scottish independence is a constitutional project, not an economic one. Fixing who governs you takes precedence over an easy life for supermarkets or civil servants. Brexit has shown that a committed government, with the mandate of a referendum and an appetite for dislocation, can go a long way.

There may be significant economic costs resulting from independence.  However, there is no reason Scotland cannot prosper as other small nations have. This report looks at the cumulative effect over 15 years.

With every passing election, Scotland seems to move closer to independence. Investment Monitor explores the obstacles the country would face should it leave the UK.

Independence is about the right of people in Scotland to decide their own future

We’re the ideal size

Scotland is a wealthy nation with a big economy

We’re educated and talented

We have extraordinary energy resources

We export high quality produce and goods

We are at the cutting edge of the industries of the future

We’re big enough, rich enough and smart enough – even opponents of independence believe so

There is no set of official accounts that tells us how an independent Scotland’s economy would fare, nor what its finances would look like. Any attempt to analyse Scotland’s finances is instantly hampered by the fact that Scotland is not an independent nation and therefore does not have the same financial data, trade statistics, costs and revenue information available to work with that a normal independent country would have.

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.

The accounts don’t suggest Scotland is in debt at all. People just don't understand how to analyse the UK Government Expenditure and Revenue Scotland report (GERS).

A poll for Prospect Scotland found that 75% of Scottish voters would vote for independence if they felt that the economic plan for an independent Scotland meant we would be better off. 

"We make the case for maximum devolution of power and responsibility possible at any time, particularly in areas such as the economic levers and business policies. In turn, this will allow a Scottish Government to boost economic growth."

This week, Craig talks to SNP Policy Development Convenor Chris Hanlon and Agnes MacAuley from SNP Greenock & Inverclyde about the latest GERS figures and what they mean (and don’t mean) for Scotland, independence and the post-pandemic recovery. They then discuss up and coming motions to the SNP conference that have been influenced by or based on Common Weal policies including one for a National Transport Company designed to help decarbonise our cars and other vehicles.

A review of the economic and political circumstances around a second independence referendum.

GERS (Government Expenditure and Revenue Scotland) 2015/16 reported Scotland’s fiscal deficit to be in the region of £14 billion per year, portraying Scotland as the country experiencing some of the most challenging financial circumstances in Europe.

However, this study must be viewed firmly in the light of Scotland being a member nation of the United Kingdom and, as such, any attempt to use them to project the finances of an independent Scotland must be treated with caution and qualification.

Investment has become a dirty word in the era of ‘investment banking’. Investment banking is widely considered to be one of the causes of the 2008 financial crash (Varoufakis, 2015). When bankers talk about investing, they mean short-term speculation on stocks, bonds or other complex financial derivatives. That is, a form of trading (or, more accurately, gambling) that contributes nothing to the ‘real’ economy.