A couple of points.  You assume an independent Scotland would be granted EU membership, not going to happen. Even if it did it is highly unlikely you would see a relocation of industry to Scotland. An independent Scotland would as you say see a fiscal adjustment, it would be a disaster for them. Indeed England a Wales would be far better off with an independent Scotland (and Northern Ireland for that matter). What is with the xenophobic claims by so many of you remoaners? The UK has an incredibly diverse ethnic make up.