A 'yes' from Scots means upheaval for rest of UK

THE touch and go Scottish Referendum is proving to be the most significant British political event since 1975, when the UK populace voted to stay in the European Economic Community (EEC).

At issue is not only the uncertainty involving the potential rebirth after 307 years, of an independent Scotland, but political and economic upheaval for England, Wales and Northern Ireland in the rest of the United Kingdom.

The key economic questions relating to separation is what would be Scotland's currency if the UK government refused to allow the nation access to sterling monetary union and whether oil, whisky, fishing, other resources and other businesses would generate sufficient revenue to finance health, education, policing, social services, transport, armed forces public spending. A yes vote would be mostly damaging for the rest of the UK, economists say. The government and balance of payments current accounts are in deficit and the nation would lose oil and other revenue.