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This Paragraph Should Scare The Heck Out Of People Who Want Scottish Independence

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Bagpipes

This paragraph from Credit Suisse should scare those in Scotland who might want independence from Great Britain:

Risk of an economic crisis: In our opinion Scotland would fall into a deep recession. We believe deposit flight is both highly likely and highly problematic (with banks assets of 12x GDP) and should the BoE move to guarantee Scottish deposits, we expect it to extract a high fiscal and regulatory price (probably insisting on a primary budget surplus). The re-domiciling of the financial sector and UK public service jobs, as well as a legal dispute over North Sea oil, would further accelerate any downturn. In our opinion, as North Sea oil production slows, we estimate that the non-oil economy would need a 10% to 20% devaluation to restore competitiveness. This would wages, driven by a steep rise in unemployment.

Meanwhile, this chart from the same report, shows how gigantic Scotland's banking sector would be relative to its economy.

Screen Shot 2014 09 10 at 11.47.47 AM

Just leaving that out there.

SEE ALSO: Here's what you need to know about the Scottish independence movement

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