Scottish independence would hit household incomes by up to 20 per cent, according to a leading economist who argues that the country would be forced to adopt a new currency far sooner than the SNP has suggested.
Ronald MacDonald, professor of macroeconomics at Glasgow University’s Adam Smith Business School, argues that the average Scottish household, which takes home £35,000 a year, would see their spending power cut by the equivalent of £7,300 by soaring interest rates and the costs of imports.
MacDonald argues that Scotland would be forced to adopt a new currency immediately after independence, and estimates that it would be worth 20 per cent to 30 per cent less than the pound. His analysis suggests that, for an average household, imported goods
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