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Scotland’s currency conundrum: Independence may mean decade of austerity

Posted on 19 September 2013

An independent Scotland could face a decade of fiscal tightening through tax rises and spending cuts in order to meet European debt-to-GDP rules and maintain sustainable borrowing costs, depending on how much public debt it inherits from the UK’s vast pile of over £1tn.
The National Institute of Economic and Social Research (NIESR) estimates that Scotland may need fiscal tightening of 5.4% in the ten years from independence to achieve the Maastricht Treaty agreed debt-to-GDP ratio of 60% under borrowing costs likely to be as much as 1.65% above current interest rates on 10-year UK gilts………………………………………..Full Article: Source


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