Summary

  • Nicola Sturgeon sets out the economic arguments for Scotland leaving the UK

  • Her statement comes as new UK Chancellor Jeremy Hunt publicly ditches almost all of PM Liz Truss's plans to cut tax

  • In the early days of independence, the pound would stay and moves to a Scottish currency would happen "when the time is right". The FM adds that keeping sterling would be as "short as practicable"

  • Ms Sturgeon told a news conference that it was "nonsense" to suggest people north of the border would need a passport to travel to England

  • However, while people could move freely, there would be "some checks on goods" if an independent Scotland's application to join the EU was successful

  • Pressed on the border issue the first minister says that "proper planning" would be put in place and technology could help in order "not to disrupt trade"

  • Ms Sturgeon wants a second independence referendum to take place on 19 October 2023, but the UK government is refusing to give Holyrood the powers to hold it

Live Reporting

BBC Scotland News

  1. What access would an independent Scotland have to markets?

    European Union flagGetty Images

    Following Brexit, trading relations with the European Union became more burdensome for importing and exporting firms, and that brought added cost. They remain uncertain for Northern Ireland, with the special circumstances of the Good Friday peace agreement.

    Scotland continues to have unfettered access to markets for goods and services in the rest of the UK. If it becomes independent, new trading relations would have to be negotiated with Whitehall.

    If Scotland is to join the European Union, those relations may have to conform to the requirements of that trading bloc. The Brexit process and the example of Ireland brings a warning that Brussels could require a hard frontier where its customs union ends and the rest of the UK, now a "third country", begins.

    Read the full analysis of an independent Scotland's access to the markets here.

  2. Which currency would Scotland use?

    Douglas Fraser
    Scotland business & economy editor

    CasjGetty

    Eight years ago, the SNP and Scottish government prospectus for independence would have seen joint control of the Bank of England and of the pound sterling. The Treasury, under George Osborne, said "no chance", but the then First Minister Alex Salmond claimed that position would change after a Yes vote.

    After the No vote, it was the SNP position that changed. The plan now is for Scots and Scottish businesses to continue using the British pound, without seeking joint control of it.

    The creation of a new Scottish currency would begin, including the setting up of a central bank. That could take several years. It would then either float or it could be pegged to the UK pound, or to the euro.

    In time, the European Commission could require Scotland, if it becomes a member state, to adopt the Euro, though the conditions and timetable likely to be placed on that are disputed.

    Read Douglas Fraser's full analysis of the potential currency issues here.

  3. Five questions on the economics of independence

    Douglas Fraser
    Scotland business & economy editor

    First Minister Nicola Sturgeon launched the first in a series of papers on independence in JuneReuters

    First Minister Nicola Sturgeon launched the first in a series of papers on independence in June

    As we've been reporting, the Scottish government is set to unveil its latest prospectus in the Building a New Scotland series, ahead of the independence referendum it hopes to hold next year.

    BBC Scotland's business and economy editor Douglas Fraser picks out five key questions:

    1. Which currency?
    2. What access would an independent Scotland have to markets?
    3. How would Scotland pay the UK government's bills?
    4. How to grow the economy faster?
    5. How long will the transition take and at what cost?

    Click here for analysis of all five questions.

  4. Analysis

    Sharing the spotlight might just suit Sturgeon

    Philip Sim
    BBC Scotland political correspondent

    Welcome to Monetary Monday – an unexpected double-bill of financial statements, with Jeremy Hunt joining Nicola Sturgeon in making a big announcement about future economic plans.

    The first minister has shifted the timing of her press conference, but is unlikely to be upset with Mr Hunt for stealing some of the spotlight.

    A fourth chancellor in four months wrestling with market turmoil at Westminster is a gift to independence campaigners. The more rocky the status quo looks, the easier it is for Ms Sturgeon to sell her alternative vision as a canny investment rather than a gamble.

    On top of that, the issues dealt with in the latest Scottish government paper are some of the trickiest of the entire independence debate – borders, currency, banking and debts.

    There are frankly no easy answers when it comes to something like how the border with the remaining UK would work in the event of Scotland rejoining the EU.

    So sharing the headlines with Mr Hunt is no bad thing if it takes some focus away from aspects which are harder to sell, while also playing up difficulties under the current constitutional arrangements.

  5. Welcome

    Nicola SturgeonPA Media

    Good morning and welcome to our live coverage of the publication of a new economic prospectus on independence.

    We'll bring you extensive coverage of the first minister's press conference, now expected to begin at 12:00.

    Nicola Sturgeon says the new economic prospectus will help people make an informed choice about independence.

    The document, which is published today, will address issues including currency, fiscal policy, migration and plans to seek to rejoin the EU.

    The UK government says it’s not the time to be talking about another independence referendum.