Leaving UK Could Cost Scotland's Economy At Least $15Bln Annually - Researchers

Leaving the United Kingdom could cost the Scottish economy at least 11 billion pounds ($15 billion) annually, researchers from the London School of Economics and City University of Hong Kong said in a fresh report

MOSCOW (UrduPoint News / Sputnik - 03rd February, 2021) Leaving the United Kingdom could cost the Scottish economy at least 11 billion Pounds ($15 billion) annually, researchers from the London school of Economics and City University of Hong Kong said in a fresh report.

Support for independence in Scotland has surged since the UK left the European Union. In the June 2016 Brexit referendum, Scotland voted overwhelmingly to remain, and an Ipsos MORI poll conducted this past October showed that 58 percent of respondents wished to leave the United Kingdom, a record high.

In the report, researchers said that leaving the UK's common market may have severe consequences, regardless of whether the nation joins the EU or not, given that Scotland relies on the rest of the UK for 61 percent of its exports and 67 percent of its imports.

"The combination of Brexit and independence would reduce Scotland's income per capita by between 6.3% and 8.7%. In pound terms, this corresponds to an income decline ranging from �2,000 to �2,800 per person," the report read.

As a result, the losses could range from 11-15 billion pounds per year, given Scotland's estimated 5.5 million residents.

Leading Scottish politicians, including First Minister Nicola Sturgeon, have slammed the recent UK-EU partnership agreement reached on December 24. Sturgeon has accused Prime Minister Boris Johnson of breaking "major promises" to Scottish fishermen amid allegations that they now have access to fewer valuable fish stocks.

Scotland held an independence referendum back in 2014 that saw more than 55 percent of voters choose to remain in the United Kingdom.