Of whisky, oil and banks
A year after the independence referendum, Scotland’s unexpectedly strong economic performance underlines the benefits of union
SCOTS have had plenty to worry about since their referendum on independence last September 18th. Oil prices have halved—bad news for a country where the oil and gas industry provides jobs for 200,000 people, or about 10% of total employment. Meanwhile, the pound has strengthened and world trade has stumbled, both awkward for a country that depends on exports. Yet despite all this, Scotland’s economy seems to be coping. GDP growth is holding up; the employment rate has risen to 74.1% and is now higher than Britain’s average of 73.4%; and by some measures wages are rising faster than they are south of the border. Why?
This article appeared in the Britain section of the print edition under the headline “Of whisky, oil and banks”
From the September 12th 2015 edition
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