Scotland is in a strong position to become an independent country, with its own parliament, government, and public institutions. An independent Scotland could make its own decisions about taxes and spending based on what works best for its people.
Re-joining the EU
Re-joining the EU would create opportunities for an independent Scotland’s economy and businesses to grow.
Scottish businesses would:
regain the right to trade freely across the EU
be part of the world’s largest single market, seven times the size of the UK
face fewer trade barriers and less paperwork when selling to EU countries
be able to hire EU citizens without restrictions
gain access to the EU’s global trade deals
avoid checks on goods moving between Scotland and the EU
Full control over tax and spending
An independent Scotland would have full control over tax and spending (fiscal policy) and decisions about the economy would be based on what’s best for Scotland.
With full economic powers, future Scottish Governments could develop policies that strengthen the economy and make Scotland better placed to respond to global challenges.
Strong institutions
Under this government’s proposals an independent Scotland would establish responsible financial rules to support stability and ensure smart investment in the country’s future. This would be guided by strong, independent institutions, including:
Scottish Central Bank – to manage money and financial stability
Debt Management Office – to handle government borrowing
These institutions would work together to maintain economic stability and support long-term investment in Scotland’s development.
Investment and the Building a New Scotland Fund
This Scottish Government plans to create a major investment fund to help kick-start the country’s future after independence.
Over the first 10 years, this fund could invest up to £20 billion in large projects like making homes more energy-efficient and building more affordable housing.
Currency
Gradual change
A new independent Scottish Central Bank would advise on timing for launching the Scottish Pound.
The change from UK to Scottish pound would happen gradually, allowing people and businesses to choose when to switch for everyday spending and banking.
Over time, this Scottish Government would expect the bulk of transactions through the banking system in an independent Scotland to be in the Scottish pound.
Pensions in an independent Scotland
This Scottish Government has key principles for pensions policy which would guide planning for independence, including:
safe and secure delivery of pensions: Scottish and UK governments would work together to ensure state pensions are paid fully and on time. Over time, the Scottish Government would take full responsibility for pensions. At the point of independence, the value of the State Pension would be the same as in the rest of the UK.
reducing pensioner poverty: This Scottish Government’s commitment to the triple lock would mean the State Pension in an independent Scotland would keep pace with earnings and inflation.
helping people to save into workplace pensions: this would include working with employers to improve automatic enrolment into workplace pensions.
creating an Independent Pensions and Savings Commission: this commission would advise on pension age based on Scottish circumstances, including life expectancy.
It would be for future governments and a future Scottish Parliament to take these forward following a process of negotiation and transition.
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