The SNP’s victory in the 5th May elections, which delivered an overall majority of 69 out of the 129 seats, means that the party can now fulfil its commitment to push for a referendum on independence. But independence, if achieved, would bring complications—both political and economic.

The reality is that Scotland would gain little by full independence. In the modern world, economic sovereignty for small nations is inescapably limited, and political sovereignty is largely symbolic. There is very little possible autonomy for Scotland which is not potentially available to it as part of the United Kingdom.

Scotland is the most prosperous region of the UK outside southeast England. GDP per head has been between 90 and 100 per cent of the UK average. It is considerably richer than Wales or Northern Ireland. However, there are wide disparities within the Scottish economy. Edinburgh, the capital, and Aberdeen, the nation’s oil metropolis,