Scottish nationalists 'severely underestimate the economic risks of independence

Scottish nationalists have severely underestimated the economic risks of independence, a leading think tank has concluded as it predicted a major black hole in public finances after a Yes vote.

The triple-whammy of declining oil revenues, fleeing financial services and increasing pension costs would see Scottish Government revenues drop more than £13bn after a Yes vote, according to the Centre for Policy Studies (CPS).

The centre-right think tank predicted the Scottish Government would bring in just £50bn in 2015-16 – some £14bn lower than predicted by the Yes campaign.

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