British economy: The UK is sitting on a rock chair. Economic growth in the UK has stagnated since the 1990s. Global economic growth has faced major obstacles as the world has suffered two major catastrophes in a row. However, the UK has suffered three major setbacks in the past two years and the consequences of these setbacks can be seen in the collapse in economic growth along with various other issues including rising unemployment and rising cost of living.
Brexit, together with the Covid-19 pandemic, exacerbated by the Russo-Ukrainian crisis, has made it almost certain that the UK economy will remain in shambles for the long term. Britain was already grappling with global inflation and stagnant wages when the Covid-19 pandemic hit.
The country that used to have a wealth of fantastic economic opportunities now faces a bleak future. As a result, something terrible seems to be about to happen. In a nutshell, Scotland’s desire to leave the UK may have just taken on new wings and what that means is kingdom could fall.
Scotland has been attempting to leave the UK in recent years. Since 2020, however, the movement has recently gained a lot of momentum. The ruling Scottish National Party has renewed its calls for secession and is aiming for a new referendum next year.
Meanwhile, Scotland’s First Minister has expressed her desire to rejoin the European Union. According to the BBC, Scottish Prime Minister Nicola Sturgeon has announced that independent Scotland will apply to be rejoined in the European Union. In unveiling a 108-page plan on independence and the economy, Sturgeon has reportedly stressed that in the event of a second referendum won by the Yes campaign, Scotland would no doubt be keen to eventually adopt its currency and join the EU.
First Minister Nicola Sturgeon has stressed that Scotland “can no longer afford to live under the control of Westminster”. According to her, “Scotland would try to follow the principles of the EU Growth and Stability Pact. That sets debt targets for the EU but will be reformed to deal with the economic impact of global disruptions from Covid, the Ukraine war and inflation.”
Leave the kingdom!
When Scotland’s 32 local governments voted in the 2016 referendum, 62% of them voted to remain in the EU, while 38% did not. However, the Scottish independence vote was met with a decision to leave the UK by a majority of 52% to 48%. Back then the situation was completely different. Still the first ministerright had said that in any case it was clear that the people of Scotland saw their future as part of the European Union. Now the situation becomes a whole new ball game.
Speaking ahead of the new newspaper’s publication, Ms Sturgeon said: “In 2014 we were promised stability if we voted against independence – instead we got austerity and Brexit and are now being taken on a libertarian pleasure ride.” Scottish authorities are keen to rejoin the EU , as this would allow free travel across the UK and 27 member states and make it easier to attract workers to sectors that have been hard hit by Brexit.
Those intentions have reportedly made British authorities sweat. A UK Government spokesman dismissed the Scottish Prime Minister’s comments, stressing: “The people of Scotland want their governments to focus on the issues that are important to them. They are demanding – economic prosperity, ensuring our energy security, managing the cost of living and supporting our friends in Ukraine were never on their agenda.”
He also added: “This is simply not the time to be talking about another independence referendum.” The British authorities are in no mood to allow Scottish independence at any cost. However, given the state of the UK economy, it would be a nice move for Edinburgh to leave the Kingdom.
Continue reading: Independent Scotland is now a real possibility!
A shaken British economy!
The aftermath of BREXIT has severely damaged the UK’s already weak economy. Along with slow GDP growth and skyrocketing inflation, the EU has restricted free trade and movement of people with the UK, which eventually became a headache for the UK’s Scottish citizens as well.
Scottish political parties have strongly opposed these restrictions, putting the full burden on the London government, arguing that their decision to leave the EU was a grave mistake.
Scotland’s economy was strong, including sectors such as energy, financial services and tourism. It had a thriving university system, plentiful natural resources and reliable institutions, but now the world is also losing faith in Edinburgh due to its allegiance to Britain.
Continue reading: Forget Scotland, Britain could end up losing Northern Ireland too
So the Scottish government is trying to break new ground. Edinburgh has made it clear that it will join the EU after gaining independence from the UK. But London would collapse completely in this case.
More calls for secession would surface, and the economy, currently thriving at the behest of member states, would also perish. This is the time London must turn over a leaf for Edinburgh.