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Independent Scotland would face immediate £23bn debt – thinktank

Independent Scotland would face immediate £23bn debt – thinktank | ESRC press coverage | Scoop.it

An independent Scotland would face an immediate debt repayment of £23bn to the UK Treasury, equivalent to more than a third of its entire spending, an economics thinktank has warned.

The National Institute for Economics and Social Research (NIESR) said the new Scottish government would have to borrow that £23bn sum in its first year of independence, at interest rates up to 1.65% higher than the UK Treasury's rates, in addition to billions more needed to meet its budget shortfall on day-to-day spending.

ESRC's insight:

The NIESR's calculations, are part of an official programme of academic research on independence funded by the Economic and Social Research Council.

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Chancellor's Hong Kong speech reflects concerns of NIESR economists

Chancellor's Hong Kong speech reflects concerns of NIESR economists | ESRC press coverage | Scoop.it

Economists from the National Institute of Economic and Social Research (NIESR) warned in one of their recent studies that an unbalanced recovery driven primarily by consumer spending, especially if accompanied by rising house prices, is worrying from a long-term perspective. The NIESR also warned that in order to sustain the current pace of growth, Britain needs to rebalance its economy primarily by moving away from debt-driven domestic consumption towards more exports and production. 

ESRC's insight:

The National Institute of Economic and Social Research is Britain's longest established independent research institute, founded in 1938, carrying out research commissioned from a variety of sources including the Economic and Social Research Council

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