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

Economic theory shows that the decision for a region to remain in a country (or a union) or to secede results from a trade-off between the benefits of being part of a large country, and the costs  associated with more heterogeneity. Literature confirms the importance of these trade-offs and shows that decentralization may be effective to accommodate secessionist conflicts only if certain conditions are fulfilled.

While opinion polls in the past few months have recorded unprecedented and sustained support for independence in Scotland, economists said the short to medium term economic and fiscal difficulties of leaving the UK look substantially greater than they did when voters rejected the idea in 2014.

Scotland is economically viable as it has natural resources, a skilled population, strong trading relations, excellent industrial sectors and products, and a well developed financial sector.

Voters in Scotland deserve the best evidence-based assessment of the likely economic consequences of independence. We have sought to collect and assess that evidence as part of our analysis of the economic implications for the whole United Kingdom.