Last week was a significant one for Scotland. Thursday 24 March was the prospective date for Scottish independence, if the 2014 referendum had gone the other way; the Scotland Act became law, devolving additional powers to Holyrood; and the annual Government Expenditure and Revenue Scotland (GERS) report was published by the Scottish Government.
With the fall in oil price and ensuing collapse in North Sea oil revenues, Scotland's deficit has drastically worsened. The deficit of the UK as a whole is 4.9% of GDP; that of Scotland is 9.7%. This would have presented a serious problem for the government of a newly independent Scotland.





