Scottish independence is a worrisome matter for the proto-would-be nation’s famed distilleries:
The currency debate is especially important to Scotland’s financial services industry, which accounts for 25 percent of the region’s economy, excluding oil and gas. Scotland-based groups such as the Royal Bank of Scotland and Standard Life, which rely on the stability provided by the pound, have warned about the potential risks of independence.
Part of that would come from the fact that an independent Scotland may be forced to drop out of the European Union and have to reapply for membership. The union of 28 countries guarantees free movement of money and people – a precious asset for companies, particularly multinational corporations, as well as exporters.
Nine out of 10 bottles of Scotch are sold overseas for a value of 4.3 billion pounds ($7.1 billion) a year. Being outside the EU would raise the prospect of new export duties to the EU, the world’s largest trading bloc with over 500 million people. Many distilleries import grain from EU countries to make whisky, something that could become more expensive. Scotland would also have to take on the job of shielding the drink from unfair trading practices, protect its trademarks and safeguard an estimated 35,000 jobs.
Left unsaid is that Scotland would be run entirely by assorted lefties, without a sane voice to be heard. What that would do for Scotland’s business climate is a subject no one should try to consider while sober.