Lex - Scottish independence & oil

FT.com / Lex - Scottish independence & oil:

"Nationalists like the example of Ireland’s high growth and euro membership. But economically, Scotland’s ability to stand alone boils down to North Sea energy. Without it, Scotland is dominated by the public sector, and subsidised by England, with a budget deficit of £13bn or 13 per cent of gross domestic product estimated this fiscal year, and public spending at 55 per cent of GDP. But include the North Sea, and GDP and tax revenues leap by at least a quarter, leaving the deficit at just 2 per cent and public spending at about 40 per cent."