Your essential Q&A guide to Thursday's big vote

Currency

Q Why do Alex Salmond and his colleagues want to keep the pound and see an independent Scotland join a currency union?

A Before the euro crash several years ago, the First Minister famously said sterling was "a millstone round Scotland's neck". That crash has concentrated minds. Keeping the pound within a currency union would mean the Bank of England would provide an insurance policy as a lender of last resort should things going wrong, as, at some point, they undoubtedly will.

Labour and the Coalition parties have all said a currency union with a foreign country would not work; look, they warn, at what has happened in Europe. They ask why should UK taxpayers have to underwrite, and possibly bail out, their counterparts in a foreign country, ie Scotland. Also, they point out that monetary policy for an independent Scotland would be set in a foreign ­country, from London, which would have a big influence on Scotland's fiscal policy too. Is that independence?

Europe

Q Would an independent Scotland gain entry to the European Union?

A Few experts doubt Scotland would ultimately become an EU state. Even if countries with their own ­secession issues, such as Spain or Belgium, made things difficult, this would impact on terms, conditions and timescale rather than on the basic principle. Of course, by the time this all becomes an issue the UK may have voted to exit the EU.

The Scottish Government argues that since Scots have been EU citizens since 1973 and all aspects of our ­economy and law are fully compliant, the notion we would be shown the door is fanciful and negotiations could be concluded within 18 months, with Scotland retaining its share of the UK rebate, the right to use sterling and the continued opt-out of the Schengen Agreement in favour of the existing British-Irish common travel area.

The UK Government has been ­arguing a very different case, saying uncertainty dogs all of these issues. In tough negotiations - with the likes of Spain or Belgium or newcomers ­Croatia making their arguments - how would Scotland keep the UK rebate or avoid joining the euro or the Schengen travel area?

TRIDENT

Q What will happen to Trident in an independent Scotland.

A One of the most difficult and hotly contested issues in the run-up to the September 18 vote is the future of the UK's nuclear deterrent on the Clyde. The Scottish Government's White Paper on independence says that ministers will aim to expel Trident from Scotland by 2020. The SNP says it wants to get rid of nuclear weapons from Scottish waters as soon as it is "safe" to do so. The SNP has also suggested that an independent ­Scotland could include in its newly created constitution a ban on nuclear weapons. A No vote will keep the weapon on the Clyde but a final ­decision on whether to commit to a full replacement programme is expected in 2016.

Defence

Q What would Scotland's defence forces look like after independence?

A The White Paper says a Scottish Defence Force (SDF) would be made up of 15,000 full-time personnel and 5,000 reservists. Under the plans, Scotland would spend £2.5 billion a year on defence. Faslane would be retained as a naval base and also as the joint headquarters of the SDF. Opponents say the plans in the White Paper are unfunded and ill thought through.

In terms of equipment, according to the White Paper, a Scottish naval force would include two frigates, four mine counter measure vessels and four to six patrol boats "all from the Royal Navy's current fleet". At the same time, a Quick Reaction Alert squadron based at Lossiemouth would also include 12 Typhoon fast jets currently operated by the RAF. Ministry of Defence sources have described the plans contained in the document as an "assumption".

Health

Q What are implications for the NHS in the referendum?

A The Scottish Government and its supporters says the Scottish health service would be better protected from budget cuts if we vote Yes. Unpopular reforms in England have made way for private firms to compete to run NHS services. Under devolution, the Scottish Government has not gone down this path.

If Westminster's approach leads to cuts in health spending this will affect the money Scotland has to spend on health. Taking control of economic and welfare policies through ­independence will also allow Scotland to address social deprivation, which has a proven impact on health. A No for more devolution leaves the Scottish Parliament free to decide how much of its devolved budget to spend on health and under the Scotland Act 2012 it can raise income tax in order to invest more.

WELFARE

Q What will happen to benefits in an independent Scotland?

A The White Paper says that benefits to which people are entitled will continue to be paid "in the same way as they are now", although it adds that a future Scottish Government can choose to do things differently. The document also says that a Scottish government after independence would be able to use welfare powers to create a system that "helps people into work and protects the vulnerable". Among the pledges it goes on to make are to abolish the "bedroom tax" within the first year of the independent Scottish parliament, which would be set up sometime between 2016 and 2017.

Foreign affairs

Q How would Scotland's place in the world be affected by the outcome of the referendum?

A That very much depends on how happy you are with Britain's existing place in the world. If, for example, you were unhappy with the UK's participation in the Iraq War, you may relish the opportunity ­independence would bring for such decisions to be made in Scotland rather than at Westminster. If, on the other hand, you believe membership of bodies such as the G7, G8, G20 or UN Security Council are important, you may fear Scotland's loss of status in no longer being part of the club of big nations.

The SNP position is still to be part of Nato, after a difficult policy change that cost the resignation of two MSPs and dismayed many activists. The UK Government says that enforcing the removal of Trident might cost Scotland Nato membership, but this is countered by two claims - that most Nato members are non-nuclear, and that a North Atlantic organisation which excluded Scotland, given its geography, would be absurd.

Immigration and borders

Q Would border posts be set up between an independent Scotland and the rest of the UK?

A The Scottish Government is adamant this would not happen. SNP ministers have repeatedly dismissed the suggestion as ­scaremongering on the part of the No campaign. The UK Government says there can be no ­guarantee, however. It says passport checks could only be avoided if an independent Scotland became part of the UK and Ireland Common Travel Area and pursued similar immigration policies.

As regards passports, the Scottish Government says all Scottish ­citizens would have the right to a ­Scottish p­assport, which would cost the same as and "broadly follow" the look of a United Kingdom passport. The United Kingdom Government says it is "likely" that Scots would hold dual British and independent Scottish nationality, though the continued right to a British passport and other benefits of citizenship would be up for negotiation following a Yes vote.

Pensions

Q What would happen to the state pension, public and private pensions in an independent Scotland?

A The Scottish Government has ­promised more generous old-age pensions if Scots vote Yes. Current pensioners would see payments rise by at least 2.5 per cent from 2016. New pensioners would receive a single-tier pension from 2016, modelled on UK plans, but £1.10 per week higher at £160. Ministers say they may reject the UK Government's plan to raise the pension age to 67 by 2028. They believe raising the pension age is unfair on Scots because of their lower average life expectancy.

The Scottish Government says all public-service pensions would be "fully protected and accessible" in an independent Scotland and infrastructure is already in place to deliver them. On private and occupational pensions, it says a new pensions regulator would be created but it would work closely with the existing UK authorities. The UK's Pension Protection Fund, which pays compensation when a pension provider collapses, would continue to serve Scotland, the SNP insists. The Institute of Chartered ­Accountants of Scotland has drawn attention to potential difficulties for UK-wide o­ccupational pension schemes that would become "cross border" if ­Scotland became independent.

Tuition fees

Q What are the consequences for universities tuition fees from the referendum?

A The SNP has ruled out the ­introduction of tuition fees for ­Scottish students regardless of whether there is a Yes vote or not, but independence does have implications for wider fees policy. Scottish ­universities currently bolster their income by charging students from the rest of the UK tuition fees of up to £9000 a year, but would be unlikely to be able to do so after independence because those students would become members of EU countries and therefore exempt from fees.

The SNP argues it will be able to ensure universities continue to be able to charge fees to student from England, Wales and Northern Ireland because of the potential flood of "EU" students from England seeking a university education in Scotland. They believe that if a legal case argues such a flood jeopardises places for Scots and robs the economy of the graduate skills it needs, then the fees policy could be retained on the grounds there is an "objective ­justification" for what would otherwise be a discriminatory policy.

University research

Q What are the issues for university research?

A While the Scottish Government is the largest single source of university research funding, with £330 million allocated in 2012/13, the second largest contribution is the £240m in competitively awarded grants from the Research Councils, to which Scotland contributes through its share of tax.

Both No and Yes groups agree that the best way to fund research is through the current structure because it mirrors the collaborations that exist in the academic community.

Academics who support the Union have argued it would be impossible to recreate the structure post independence because there is no precedent for a similar single funding system operating across international boundaries.

However, Paul Boyle of the UK Research Councils told MSPs he hoped the cross-border network would continue, saying the body strongly supported the idea of Scotland ­remaining part of it whatever the outcome of the referendum.

Arts and culture

Q How may culture and the arts be shaped by the outcome of the referendum?

A Given the vocal support for the Yes campaign in the artistic community, as well as the National Collective campaigners, first of all a Yes win would be celebrated by a significant part of the cultural scene in Scotland. But not all. Fiona Hyslop, the Culture Secretary, has done well to protect the budget of Creative Scotland, the national arts funding body, but any financial instability could affect arts budgets down the line. There may be new tax breaks for film and TV ­productions, to replace those lost from the UK settlement. The future of the National Lottery could be moot.

Culture is devolved in the present political settlement and will remain so in the event of a No. Tax breaks for film, TV, Acceptance in Lieu and other UK rules would also remain. If there are any new powers for Holyrood after a No, there could be more mechanisms for boosting cultural investment.

Media and broadcasting

Q How will state broadcaster look in an independent Scotland?

The SNP believes that we can have the best of all possible worlds - a Scottish Broadcasting Corporation that produces a large amount of its own news, current affairs and other programming and at the same time taps into David Attenborough nature programmes and EastEnders. As such, Yes campaigners maintain we will still get Dr Who and Strictly Come Dancing in an independent Scotland.

It may not be that simple, but it is the case that countries all over the world get these shows so the notion Scotland would not is unlikely. The bigger question is what would happen to the quality and breadth of our radio and TV, given the current importance of the BBC and the effective splitting up of the corporation. That may be harder to determine at this juncture.

Start-up costs

Q What public bodies would an independent Scotland need to create?

A The big-ticket items would be a new treasury and tax collection agency, and a new welfare and pensions department. The country would also need a new foreign office running 70 to 90 new embassies, a new intelligence and security agency, a new HQ for the proposed Scottish Defence Force, a new passport agency and a new Scottish Border and Migration Service.

In all, the Scottish Government says about 180 UK public bodies would transfer their functions to new or existing Scottish agencies. A further 90 or so bodies would provide shared services to both an independent ­Scotland and the rest of the UK, under the SNP's plans. The Scottish Government says it is impossible to put a meaningful figure on start-up costs because so much would depend on the ways in which the UK's assets and liabilities (debts and future pension costs) were divided up ­following a Yes vote. The UK ­Government says the total cost would be about £1.5bn but has suggested it could rise as high as £2.7bn.