A narrow escape for Scotland ?

[GOM]

With plummeting oil prices, what would have happened to their economy if they had voted for independence ?

 

[Brighton Mod]

 

[Notters]

Nothing, because it would have taken them two years to become independent.

 

[GingerBeerMan]

Scotland could have been on par with Sweden or Norway had they gone independent, especially if they had access to the NS oil. A small population with a relatively high level of resources. Invest in education and infrastructure and in 15 - 20 years they could have been a highly educated country full of skilled, innovative workers. Oh well.

 

[father_and_son]

Scotland could have been on par with Sweden or Norway had they gone independent, especially if they had access to the NS oil. A small population with a relatively high level of resources. Invest in education and infrastructure and in 15 - 20 years they could have been a highly educated country full of skilled, innovative workers. Oh well.

Or.... [to pander to stereotypes] they could have bought lots of Buckfest and deep-fried mars bars and wiped themselves out within a generation!

 

[Pavilionaire]

I think the OP has made a good point and I hope the answer is plastered all over the news sometime soon, because I get the feeling the 45% will not be quietened, that the SNP will do very well at the GE in May and they could even hold the balance of power in Westminster.

Some sense of economic realism needs to take hold of these islands, not just about Scotland but also about what difference being in or out of the EU makes to the UK.

 

[Mattywerewolf]

With plummeting oil prices, what would have happened to their economy if they had voted for independence ?

Completely agree. A large part of the current turmoil in Russia and the falling stock prices in the UAE are driven by their dependence on Oil. Scotland would have exactly the same issue longer term. Now its at least a shared problem that needs addressing with a sustainable alternative

 

[vegster]

It is nice to Putin squirm as the price collapses but, Scotland would not have got much cash out of the North Sea Oil, I'm sure I heard there is not much left now anyway ?

 

[Triggaaar]

Scotland could have been on par with Sweden or Norway had they gone independent, especially if they had access to the NS oil. A small population with a relatively high level of resources. Invest in education and infrastructure and in 15 - 20 years they could have been a highly educated country full of skilled, innovative workers. Oh well.

Maybe if they had independence 40 years ago, but not now, otherwise they would have voted yes.

 

[severnside gull]

?..................in 15 - 20 years they could have been a highly educated country full of skilled, innovative workers. Oh well.

Hang on a bit........this is the nation that invented deep fried mars bars

 

[Tom Bombadil]

I always thought the effect of oil revenues on their economy was overplayed by the SNP. It gave them the dual benefits of supposedly funding their free unicorn for every Scot promise and it played into their narrative of thieving English bastids stealing from the proud and noble downtrodden Scots.
I do wonder though how the plunging oil prices would have effected the size of the no vote were the referendum tomorrow rather than 3 months ago.

 

[Man of Harveys]

It is nice to Putin squirm as the price collapses but, Scotland would not have got much cash out of the North Sea Oil, I'm sure I heard there is not much left now anyway ?

It certainly is nice that Putin's feeling the heat. Although the prospect of him getting kicked out amid worsening economic hardship and an even bigger nutter taking over isn't exactly reassuring either.

The North Sea but it is declining and that rate of decline can pick up speed if crude's trading at $56/bbl rather than $110/bbl. But there's still a fair bit left and they keep coming up with new ideas how to get it out of the ground. I'd be a bit wary of too much Daily Telegraph-ish crowing on this subject tbh: there's still enough left for them to buy each other pints of heavy. ("Each other"?)

 

[Mr Bronson]

Most of the SNPs forecasts were done on the basis that oil would be at $100 a barrel. Brent is at $62 a barrel.

As our American friends like to say "You do the math"

 

[vegster]

It certainly is nice that Putin's feeling the heat. Although the prospect of him getting kicked out amid worsening economic hardship and an even bigger nutter taking over isn't exactly reassuring either.

The North Sea but it is declining and that rate of decline can pick up speed if crude's trading at $56/bbl rather than $110/bbl. But there's still a fair bit left and they keep coming up with new ideas how to get it out of the ground. I'd be a bit wary of too much Daily Telegraph-ish crowing on this subject tbh: there's still enough left for them to buy each other pints of heavy. ("Each other"?)

It's a bit like fishing really I suppose. As a breed of fish gets harder to catch due to scarcity, the price goes up thus making them still a profitable catch. If the oil price falls far enough the oil fields that are harder and more complicated to extract from become less viable and as such are an almost untouchable asset. If the oil price rises sharply though they will all be piling in again.

 

[GingerBeerMan]

Slightly O/T but I can't help but think future generations will view us as barbarians in respect to the environment. We find a natural resource which takes millions of years to create, and within 150 years it's all been extracted and used up. There is relatively little regulations or limits on oil extraction considering it's importance in the world today.

 

[Man of Harveys]

It's a bit like fishing really I suppose. As a breed of fish gets harder to catch due to scarcity, the price goes up thus making them still a profitable catch. If the oil price falls far enough the oil fields that are harder and more complicated to extract from become less viable and as such are an almost untouchable asset. If the oil price rises sharply though they will all be piling in again.

Very true. Plus, fish left in peace can make some new fish. Oil is - eventually - finite, even if we're drowning in a glut of the stuff at the moment.

 

[fleet]

With plummeting oil prices, what would have happened to their economy if they had voted for independence ?

No currency, no armed forces, not a member of EU or NATO - they would have failed anyway sooner or later

 

[seagullsovergrimsby]

I always thought the effect of oil revenues on their economy was overplayed by the SNP. It gave them the dual benefits of supposedly funding their free unicorn for every Scot promise and it played into their narrative of thieving English bastids stealing from the proud and noble downtrodden Scots.
I do wonder though how the plunging oil prices would have effected the size of the no vote were the referendum tomorrow rather than 3 months ago.

Well actually YouGov did a poll for the Scottish Sun on Monday and 52% said they would vote YES for independence if there was another immediate referendum.

 

[Triggaaar]

Well actually YouGov did a poll for the Scottish Sun on Monday and 52% said they would vote YES for independence if there was another immediate referendum.

Which just goes to show how rubbish polls are.

 

[somerset]

Well actually YouGov did a poll for the Scottish Sun on Monday and 52% said they would vote YES for independence if there was another immediate referendum.

Yes, because as always with Scotland, someone else will be expected to pay for the huge gaps in their economic plan.