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Sir, While independence for Scotland has implications which go far beyond economic matters, it is important that voters in Scotland understand the major economic risks that separation entails.

An independent Scotland will be highly dependent on tax revenue from North Sea oil. This is a declining and highly volatile revenue stream, so the Scottish fiscal position is likely to be subject to short-term shocks and long-term stresses which will put public services, welfare benefits and pensions in Scotland at severe risk.

Plans for currency and monetary policy arrangements are, at best, ambiguous and, at worst, have the potential to generate huge instability in the Scottish economy.

Demographic trends in Scotland indicate that both public and private sector pensions will become increasingly unaffordable as the population ages. All these factors create immense risks for the Scottish economy in the event of separation.

It has become routine for independence campaigners to dismiss the above concerns as politically motivated scaremongering. However, Scottish voters need to understand that the risks outlined above are very real and very significant.

Separation is a gamble with very poor odds. The downside risks for current and future generations
are huge.

Dr Liang Bai, University of Edinburgh

Mr James Best, University of Edinburgh

Prof Jane Binner, University of Birmingham

Dr George Bratsiotis, University of Manchester

Dr Sean Brocklebank, University of Edinburgh

Prof Miguel Costa-Gomes, University of St Andrews

Prof David Cobham, Heriot-Watt University, Edinburgh

Dr Tatiana Damjanovic, University of Exeter Business School

Prof Wouter den Haan, London School of Economics

Prof Huw Dixon, Cardiff Business School

Dr Rebecca Driver, Analytically Driven

Prof Martin Ellison, University of Oxford

Prof Mike Elsby, University of Edinburgh

Prof Christian Ewald, University of Glasgow

Prof John Fender, University of Birmingham

Dr Giulio Fella, Queen Mary University of London

Dr Christoph Görtz, University of Birmingham

Maia Güell, University of Edinburgh

Dr Richard Holt, University of Edinburgh

Prof Ed Hopkins, University of Edinburgh

Prof George Kapetanios, Queen Mary University of London

Dr Engin Kara, University of Bristol

Prof Tatiana Kirsanova, University of Glasgow

Prof David Kelsey, University of Exeter

Mr Felix Koenig, LSE

Dr Tatiana Kornienko, University of Edinburgh

Prof Paul Levine, University of Surrey, Guildford

Prof Ben Lockwood, University of Warwick

Prof Hamish Low, University of Cambridge

Prof Ronald MacDonald, University of Glasgow

Prof Chris Martin, University of Bath

Dr Richard Mash, University of Oxford

Prof Costas Milas, University of Liverpool

Prof Paul Mizen, University of Nottingham

Prof Charles Nolan, University of Glasgow

Mr Nick Oulton, LSE

Prof Gulcin Ozkan, University of York

Prof Joe Pearlman, City University London

Prof Danny Quah, LSE

Prof José Rodríguez Mora, University of Edinburgh

Dr Santiago Sánchez-Pagés, University of Edinburgh

Dr Ozge Senay, University of St Andrews

Dr Kevin Sheedy, LSE

Prof Peter Sinclair, University of Birmingham

Prof Peter Smith, University of York

Prof Andrew Snell, University of Edinburgh

Dr Paolo Surico, London Business School

Prof Alan Sutherland, University of St Andrews

Prof Christoph Thoenissen, University of Sheffield

Prof Jonathan Thomas, University of Edinburgh

Prof John Van Reenen, LSE

Prof David Vines, Oxford Martin School

Prof Simon Wren-Lewis, University of Oxford

Mr Tony Yates, University of Bristol

Dr Robert Zymek, University of Edinburgh

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