Scotland has rejected its independence from Britain in a referendum that threatened to disrupt the 307-year union between the countries. Regardless of the 54.2% vote against independence, there will likely be eighteen more months of debate, nearly two more years. If the Scots had voted in favor of independence, they would have terminated a strong political and economic union and would have faced serious strife, especially in determining the future of Scotland’s currency. This week, The National Institute for Economic and Social Research warned that Scotland could fail “within a year” if it uses the pound informally and refuses to take on a share of the national debt.
Contributor: Phoebe Roe