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<p>All else equal, an independent Scotland would need to grow at almost 2% per year more than the UK for the next 50 years to get back to the IFS's projection for the UK's debt position. Over the last 50 years Scotland and the rest of the UK have grown, on average, at an almost identical 2% per year. So it would be necessary to double this rate. This would be at the same time an independent Scotland's economy would be facing greater pressure from the decline in North Sea production and an ageing population. No European country has managed to grow at the required rate of 4% over the last 50 years.</p> |