In the event of a Yes vote:
- Negotiations to begin between London and Edinburgh
- Under the Edinburgh Agreement, both sides have said that they will approach such talk positively – but the grounds for disagreement are numerous, beginning with the future of the UK’s nuclear submarine fleet at Faslane
- Currency question: London has said that Scotland cannot be part of a sterling monetary union.
- First minister Alex Salmond says Scotland will not pay its £125 billion share of the UK’s national debt, unless it is given a monetary union.
- Salmond wants Scotland to formally become independent on March 24th, 2016, meaning Scots would go to the polls two months later to elect the first independent Holyrood parliament in history.
In the event of a No vote:
- Pushed by Gordon Brown, David Cameron, Ed Miliband and Nick Clegg have vowed extra home rule powers for Scotland.
- Work on a White Paper would begin immediately. A draft Bill would be ready for November, with the final legislation ready to go before MPs in late January – on January 25th, Burn’s Night.
- However, some Conservative MPs have already voiced opposition, believing that England’s just needs are being ignored.
- Can the three parties maintain a united front on the issue in face of opposition? Scotland has not forgotten promises of devolution that were made in 1979 and then not honoured by Margaret Thatcher when she came to power.