An Age of Tartan Austerity looms after Scottish Independence. There are worse fates than that.
The first thing to be said about the Institute for Fiscal Studies’ latest assessment of an independent Scotland’s long-term fiscal well-being is that the IFS’s assessments of the UK’s long-term vitality are also pretty gloomy. Neither is terribly pretty. Much the same, of course, could be said of France and, in fact, most other western