Comparing what Greece has become to what Scotland might be if it declares independence: scare tactic or brutal reality?
As Scotland faces the prospect of a second independence referendum, one of Britain’s foremost economic forecasters has claimed the country would suffer recession and Greek-style austerity cuts of about £19bn in the event of a “Scexit”.
A new analysis by the Centre for Economics and Business Research (CEBR) predicts that the gap between what Scotland raises in taxes and spends on public services will rise to an “unsustainable” 9.4% of GDP in 2017-18.
Perhaps coincidentally, the Scottish government is inching toward a second referendum on independence. The BBC notes:
Prime Minister Theresa May said earlier in February that the question of Scottish independence was “settled” by the 2014 referendum.
The SNP, however, argues that since a majority in Scotland voted to Remain, [Brexit] represents a material change in circumstances that could justify a second vote.
The party has put forward proposals to secure Scotland’s access to the European single market but Nicola Sturgeon has warned time is running out to find agreement.