A leading economist and former adviser to the Scottish Government has warned that an independent Scotland would start off with £180 billion worth of debt.

Professor John Kay also believes that if Scexit happens, the country will be forced to borrow £20 billion annually to plug a financial black hole.

The economist, who served on the Scottish council of economic advisers, offered the stark warnings as Nicola Sturgeon prepares to publish her “scene-setter” for independence.

Mr Kay has held chairs at Oxford University and the London School of Economics and claimed that the division of UK assets and liabilities would be a complex and central issue in Scexit negotiations.

The Sunday Times reports that in his new book, A Better Nation, he writes: “It may be reasonable to assume that Scotland would begin independent life carrying, explicitly or implicitly, a pro-rata share of UK debt, which might be in the region of £180 billion.

“Scotland would also need to borrow to cover its budget deficit after independence, a figure which might initially be between £10 billion and £20 billion annually.”

Want to see more SNP fails? – Health Matters


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