How about this!
When Scotland ratified the 1707 Act of Union, Scotland had no national debt, taxes were low due to war avoidance and trade thrived from the Baltic to the Caribbean. As a consequence of the Act of Union Scotland's established trade with France and the Low Countries was cut off abruptly. The economic benefits of Union which had been promised by proponents of the Act were slow to materialise, causing widespread discontent amongst the population. Despite their new status as citizens of the United Kingdom, it took many decades for Scottish traders to gain a noticeable foothold in the colonial markets which had long been dominated by English merchants and concerns.
Let's bullet point those things:
- No National Debt.
- Low Taxes
- Thriving trade
- Trade Cut off Abruptly.
- Promised Economic Benefits...... slow
- Decades to claw back lost ground.
Expectations and aspirations of the People vs Potential and realizable income from all sources.
If they can't dig it up and sell it (o'seas) Grow it up and sell it (o'seas) Invent it up and sell it (o'seas)
At a glance.. it looks reasonably good.. given: Scottish waters consisting of a large sector of the North Atlantic and the North Sea, containing the largest oil resources in the European Union - Scotland is the EU's largest petroleum producer, with the discovery of North Sea oil transforming the Scottish economy.
QUESTION...and it's probably the most important one of all.. how angry would the English be if the oil that currently funds so much of their over generous 'social benefits' programs is suddenly redirected to the benefit of the Scots? I can envisage some very cagey and creative spin masters waxing uber eloquent about how such a move would 'unfairly disadvantage so many innocent people'... oh yeah..riiiiiiight ! We've heard that before. That kind of rhetoric usually precedes wars over resources.
It must be said also, that one reason for Scottish anger at the Labor Party and the Scots newfound romance with the Scottish National Party, is that the Austerity most have been experiencing is likely linked to the English lust for Scottish Oil to fund their own social benefits program for the benefit of their own political elite. A wise Scotland would grab that oil and milk it for Scotland rather than England, then at the same time, use the new wealth to develop economic sectors such as HiTech Software and innovation that is abundantly exportable. Oil won't last forever!
Under any realistic scenario, Scotland’s projected share of the UK debt as a percentage of Scotland’s GDP will be less than the debt of the rest of the UK expressed in the same terms.
The UK national debt is expected to peak at 86 per cent of UK GDP, almost £1.6 trillion in 2016/17.
The national debt could be apportioned by reference to the historic contribution made to the UK’s public finances by Scotland. Using 1980 as the base year, Scotland’s historic share of the UK national debt in 2016/17 is projected to be approximately £100 billion. This is equivalent to 55 per cent of Scottish GDP. (source)