Last Week Tonight with John Oliver: Scottish Independence

Scotland is about to vote on whether to secede from the UK.
There are solid arguments on both sides.
But none of that makes bagpipes good to listen to…or does it?

Source YouTube
RedSkysays...

Economically, it'd be really counter-productive for them to leave.

They currently receive more in revenue that they pay in taxes and receive more generous social programs than England. Like mentioned, they'll get full control over their oil reserves just as output begins to decline. Also their banking sector (relative to their economy/tax take) is huge and will have to shrink as investors will see it as a risk and divest otherwise.

They'll most likely retain the pound as the currency by default (at least in the short term), but lose control over interest rates. If the economy sours they will have the same problem that indebted Mediterranean countries had, in that all the pressure will fall on wages and job cuts rather than being eased by lower rates or currency depreciation. If they join the euro, they will of course have same issue.

Speaking of which, an interesting point is that with a large liberal wing of the UK leaving, this will strengthen conservative arguments to leave the EU.

Sniper007says...

Now if they were going to issue their own currency... Then I think you'd see a rash of unexpected apparent suicides and convenient fatal accidents to key persons until the idea was scrapped.

siftbotsays...

This video has been flagged as having an embed that is Region Blocked to not function in certain geographical locations - declared blocked by Barseps.

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