shown that fiscal sustainability

face a decade of fiscal tightening through tax rises and Miu Miu outletspending cuts in order to meet European debt-to-GDP rules and maintain sustainable borrowing costs, depending on how much public debt it inherits from the UK's vast pile of over £1tn. The National Institute of Economic and Social Research (NIESR) estimates that Scotland may need fiscal tightening of 5.4% in the ten years from independence to achieve the Maastricht Treaty agreed debt-to-GDP ratio of 60% under borrowing costs likely to be as much as 1.65% above current interest rates on 10-year UK gilts.he NIESR report is fiscal solvency and so the level of debt burden an independent Scotland would end up with.

"Recent events around the world, particularly in Europe, have shown that fiscal sustainability and currency arrangements cannot be considered in isolation," said Dr Armstrong. "We consider miu miu bags salehow the existing UK public debt would be divided, and the ability of an independent Scotland to pay its share. For an independent Scotland to prosper it requires a 'hard' currency; one in which investors are willing to hold long-dated Scottish government debt at a reasonable price

This is because Scotland would need to run an annual 3.1% fiscal surplus in order to lure investors in its sovereign debt at reasonable borrowing costs during the ten years after independence, but the miumiu handbaggovernment is currently running a primary fiscal deficit of 2.3%. It means Scotland would be exposed to sudden downturns or shocks, such as a fall in oil prices hitting revenues from the North Sea, because fiscal levers could not be pulled to flood stimulus into the economy.