Scottish independence would be a huge financial success

A newly independent Scotland would face massive financial challenges under Nicola Sturgeon, none of which will be resolved easily.It would be a nightmare for Scottish taxpayers, who would be forced to shoulder the financial burden of building the new nation outside the UK’s financial umbrella.Public spending could come under the cosh, too, hitting the very poorest north of the border.Nationalists evidently believe that is a price worth paying, but may think twice when they see who will benefit most.The English taxpayer.Independence would be a great financial deal for them. The figures are clear.In the 2021/22 tax year, Scotland benefited from around £97.5billion in public spending. Yet it only generated £73.8billion of tax, a figure that includes North Sea oil revenues.So where did the other £23.7billion come from?You guessed it. Scottish taxpayers would find independence expensive (Image: Getty)For every £100 a person the UK Government spends in England on matters devolved to Scotland, the Scottish Government receives £126.This reflects the additional costs of delivering public services in Scotland.Scottish taxpayers are doing well out of the UK.The English? Not so much.Scots received on average £2,184 more public spending each in 2021/22, compared to the UK as a whole.That’s a huge increase from £1,924 the year before.This is driven by the way the funding for devolved services is calculated through the Barnett Formula.Yet the more money heads north, the unhappier Nationalists appear to be.They should be careful what they wish for. Or at least, do some careful sums first to see the financial reality of independence.READ MORE: ‘Sturgeon’s uncosted Independence plan is truly her Truss moment’If Scotland did vote for independence, English taxpayers would be the main beneficiaries.They would no longer have to stand behind the liabilities of failed Scottish banks, as they did when Royal Bank Of Scotland went south in the financial crisis.Quite a lot of people might vote for that, too.Scottish taxpayers may view matters rather differently, as the financial burden of independence would fall on them.To balance the books, an independent Scotland would need to hike taxes by at least 10 percent of GDP, the TaxPayers’ Alliance calculates.That would be equivalent to raising the basic rate of income tax to 46p in the pound or lifting VAT to 49 percent.Which would destroy the economy.The new Scottish government would also have to slash state spending, as they could no longer ask the English to stand behind it.All the benefits Scots receive that the English don’t, such as free university tuition and free NHS prescriptions, would be at risk.DON’T MISS:State pension age is changing – check when you can claim now [GUIDE]PM Sunak’s ‘horror’ 55% pension tax to hit millions of savers [WARNING]Woman, 70, fights British Gas over energy bill errors and wins [INSIGHT] How would the English vote if given a choice over Scottish independence? (Image: Getty)By contrast, English taxpayers would be in line for some tax cuts (or spending increases, depending which party was in power).Either way, they might fare better financially than the Scots.As an Englishman, I still think the Scots and English are better together, even if the financial burden is unevenly spread.The whole country pools and shares its resources, then decides on the best places to apply them. Wales and Northern Ireland do even better than Scotland.I think it’s right to share the wealth around but can’t speak for my fellow countrymen.It would be interesting to see what would happen if taxpayers south of the border were given the opportunity to vote on independence.If all the financial costs and benefits were clearly set out, they might grasp their chance to break free.The Scots would get independence in a jiffy.Then the tax bills would roll in.