AN independent Scotland could agree a "gradual and amicable divorce" from the UK, a leading market analyst company has suggested, but it might result in possible tax hikes and spending cuts to maintain fiscal consistency with its neighbour.

In its UK Cities and Regions Update, Capital Economics notes that if there were a Yes vote in September, it might be the SNP government that would "eschew triumphalism and offer the UK government a deal".

"It would offer complete consistency of fiscal policy and banking supervision between the two nations, including if necessary tax rises and spending cuts, and hence workable common use of sterling.

"It would also agree to pay a full part of the cost of debt servicing in return for getting most of the North Sea tax revenues. It would accept joint use of all the administrative (and, crucially, military) arms of government that are currently shared, and again would pay its share of the costs."

All the terms would necessarily be time-limited, probably with differing deadlines, but, the analysis suggests, the "underlying principle would be a plan for a gradual and amicable divorce".

It points out even if SNP supporters could be persuaded of the merits of this compromise, the international markets might not be and, consequently, they could exact punitive borrowing rates from Edinburgh.

Last night, the Treasury leapt on the report, saying it presented the SNP with an "uncomfortable reality", that independence would mean "tough choices, lower spending and higher taxes not vice versa".

A spokesman for John Swinney said: "Scotland can more than afford to be an independent nation.

"Recent figures have shown that Scotland's is in a stronger fiscal position compared to the UK over the period 2008-09 and to 2012-13 was equivalent to £8.3 billion or £1,600 per capita.

"The alternative is for Scotland to remain part of one of the most unequal nations in the developed world."