Economy of Scotland Economy of Scotland The economy of Scotland had an estimated nominal gross domestic product (GDP) of up to £152 billion in 2015. Since the Acts of Union 1707, Scotland's economy has been closely aligned with the economy of the rest of the United Kingdom (UK) and England has historically been its main trading partner. Scotland still conducts the majority of its trade within the UK: in 2014, Scotland's exports totalled £76 billion, of which £48.5 billion (64%) was with constituent nations of the UK, £11.6 billion with the rest of the European Union (EU), and £15.2 billion with other parts
Acts of Union 1707 a key policy of Queen Anne from the time she acceded to the throne in 1702. Under the aegis of the Queen and her ministers in both kingdoms, the parliaments of England and Scotland agreed to participate in fresh negotiations for a union treaty in 1705. Both countries appointed 31 commissioners to conduct the negotiations. Most of the Scottish commissioners favoured union, and about half were government ministers and other officials. At the head of the list was Queensberry, and the Lord Chancellor of Scotland, the Earl of Seafield. The English commissioners included the Lord High Treasurer, the Earl of