A vote that will put an end to the 307-year-old political union with England.
If Scotland votes ‘No’, there are chances that there wouldn’t be another such referendum – at least for another generation.
However, if the answer is ‘Yes’, Scotland will be an independent country in full control of all important policies which include defense, tax revenue, fiscal and foreign and immigration.
After a process of negotiations over matters including border closures, national debt and new currency, the transfer of power over from Westminster to the Scottish Parliament will officially take place.
But it’s not as easy as it sounds. Great difficulties lie in future for both Scotland and Britain if the former secedes.
Independence, as we have mentioned earlier, would bring autonomy but it would also bring big responsibilities. Some of the challenges it will face are:
If Scots leave the United Kingdom and have to join the Euro or set up a new currency from scratch, it will cost them with higher mortgage bills and will make it more expensive to trade with the rest of the U.K.
Scottish universities may lose their top scholars – a majority of them from the U.K. – and they would not be able to obtain research funding from their current sources.
Although the U.K. government has said it would honor all its debts – including Scotland’s share – if there is a separation, an independent Scotland would owe Britain as much as £130 billion, or roughly 10% of total U.K. public debt.
Scotland benefits from the full range of the U.K. defense capabilities and systems. Independence would mean a new defense system from scratch.
It’s true that more challenges lie ahead for Scotland – which is why British Prime Minister David Cameron said “independence would not be a trial separation; it would be a painful divorce.”
However, the U.K. is not entirely safe from any dire consequences.
One of the strong cases for the independence movement is that with control of its share of North Sea oil and gas revenue, Scotland could easily stand on its own feet – in fact – become a wealthy nation the likes of Norway.
But as a result of this, the U.K. would lose its current status of being the largest oil producer in the EU, as about 90% oil comes from areas that would likely be claimed by an independent Scotland.
If Scotland becomes independent, Prime Minister David Cameron may be forced to resign. Which means the British government will have to struggle in the coming months.
Although there is around 10% support for Welsh independence, there are fears that Wales would eventually follow.
The Union Jack
There are widespread concerns over the fate of the Union Jack, which is a combination of some other historically important symbols including the cross of Scotland’s patron saint- Saint Andrews.
For The World:
Although the major effects of independence would obviously be experienced by the two nations involved, there are some consequences for the rest of us as well.
There is a possibility that regions all over the world could start fighting for independence. While the affair between Scotland and England has remained peaceful, history has is rife with examples of bloody independence movements.
Europe's economy could plummet should Scotland vote ‘yes’. According to Mic.com:
“The Royal Bank of Scotland has already indicated that it would move to England if independence wins out. A big chunk of Edinburgh's financial services is expected to follow. Already, shares in Scottish firms have taken a hit on the stock market.”