[riverdawg]

Scotland has its own parliament and a large degree of “home rule” already. An independent Scotland will be a socialist welfare state, at least in the near term. The two big issues that will have to be negotiated with Westminster if there is a break-up are (1) who gets what share of the tax revenues from (declining) North Sea oil extraction (Scotland is not going to get 100%) and (2) what is going to happen with UK military bases and personnel now stationed in Scotland, most notably at the submarine base Clyde at Faslane (they are not all going to be absorbed into an independent Scotland; for one thing, the Scots couldn't afford them and, for another, don't want the nuclear subs).

Then, of course, there is the important decision regarding currency. Scotland could decide to stay on the pound, go on the euro, or start its own currency. Under the first two choices, Scotland would cede much of its newly gained independence to others, with great economic risks (see southern Europe). The third choice wouldn't be very different from the first two; Scotland is a small, open economy, so its exchange rate would be determined primarily by the balance of payments, changes in government debt, and relative money growth.

[HamiltonJay]

I could be wrong, but if Scotland does leave the UK, it cannot keep the pound if it wishes to join the EU. They could if they remain independent, but if they go to join the EU, they would not be allowed to keep the pound as currency and would have to take the Euro.

I admit I am not up on all the particulars, but at first blush, this doesn’t seem all that well thought out.