Use Sterling for “possibly extended transition period” – up to 10 years - to create stability and certainty.

Consider six tests to see if conditions met to transfer to new currency, including whether budget deficit and debt level are sustainable and if there are enough financial reserves.

Would mean Scotland would “not secure monetary policy sovereignty” ie Bank of England would control setting of interest rates and exchange rate policy.

Might join euro at later stage if economic conditions were right. In 2014, EU officials warned countries without their own monetary body could not join the bloc.

Rules out 2014 currency union proposal as it would cause too much uncertainty given UK Government would probably again say No.

Public Finances

Aim to secure an “inter-generational economic renaissance” and achieve annual growth rate of 2.5 per cent a year.

Independent Scotland would have no debt but would pay the UK £5.3bn a year in an “annual solidarity payment” as part of its share of UK historic debt.

Comprehensive review of UK spending programmes would target savings of up to £1bn a year.

Reducing the gender pay gap in Scotland and doubling exports would help boost the economy, raising annually an additional £2.5bn and £5bn respectively.

Aim will be to raise living standards for Scots to "equal the best small countries in the world" within a generation. Median income in these nations is 14 per cent higher in terms of GDP or £4,100 per person.


Tough spending restrictions to bring down Scotland’s annual budget deficit estimated at just under six per cent, adjusted for reduced defence spending and debt-servicing costs.

Deficit would be reduced to under three per cent of GDP not by austerity but by sensible budgeting.

Plan is deficit reduction would start making real difference around four years after independence vote and it would be under control after 10.

Also in early years, new debt would not be allowed to accumulate above the value of 50 per cent of GDP.


Creating open “Comes to Scotland” migration package to help address Scotland's “demographic timebomb” and boost the population is vital to helping independent country thrive.

Notes how 429,000 foreigners who live in Scotland contribute a net sum of £1.3bn a year and pay in £4.3bn in tax and other contributions.

Several incentives set out to attract migrant workers, including golden hellos or "transition relief" tax cuts for highly skilled migrant workers and a streamlined visa system.


Establish Scottish Central Bank to hold deposits and act as a lender of last resort but not to prop up too big to fail banks but to limit damage on the wider economy of any bank getting into trouble.

Assumption major banks would move their headquarters to London to stay in within the current regulatory regime. The hope is this would not cost many jobs because local branches and some companies would remain in Scotland.

Creation of a Scottish financial regulator, which would emulate the system south of the border to provide business community with as much stability and certainty as possible.