What would an independent Scotland mean for the British Isles?

After more than 300 years as part of the U.K., some Scots want a divorce from England, Wales and Northern Ireland

September 4, 2014 10:00AM ET

by Janet Weinstein @Janet_Weinstein

Should Scotland be an independent country? In just two weeks, more than 4 million voters will have the chance to check a box yes or no.

The Scottish government’s First Minister Alex Salmond is leading the crusade for the Yes Scotland campaign.

"Few societies anywhere on earth have secured this opportunity to vote themselves into independence," he said at a recent television debate. "It's an opportunity which may not come our way again."

Alistair Darling, head of the Better Together campaign, is arguing to keep the status quo. "We do not need to divide these islands into separate states in order to assert our Scottish identity," he said.

"We can have the best of both worlds, with more decisions being taken here in Scotland, backed up by the strength and the security provided by the United Kingdom."

According to the BBC, Better Together led strongly in polls throughout 2013, averaging about 50 percent, compared with 33 percent favoring independence. That gap has dramatically narrowed. This week YouGov said 47 percent of people surveyed supported independence and 53 percent wanted to stay with the United Kingdom.

"I think we can stand on our own two feet. We've got the resources, industries and confidence. I think we can do it," said one Yes Scotland supporter identified only by his first name, John.

"We'll always be Scots, but we're part of the United Kingdom, and I think it should stay that way," said Ron Cowie, a Better Together supporter.

Jeff J Mitchell / Getty Images

“Few societies anywhere on earth have secured this opportunity to vote themselves into independence … It’s an opportunity that may not come our way again.”

— Alex Salmond, first minister of Scotland

The referendum is not just about national identity. It’s about money and politics.

Scotland’s North Sea oil and gas reserves are worth an estimated $2.5 trillion. The Yes campaign says that’s enough to help fund a new nation, but Better Together says oil money is not reliable and will eventually run out.

Currency is also a major issue. Yes supporters promise an independent Scotland would continue using the British pound, but the three major political parties of the United Kingdom say they wouldn’t allow that. Banking giant Goldman Sachs warns that a shared pound could result in a currency Armageddon.

"The problem is, if you're using somebody else's currency, you don't have a central bank. So, our financial services can't exist in Scotland," argued Darling at a recent debate.

If voters decide on Sept. 18 that they want to stay in the union, it's improbable that there would be another push for independence in some time. The U.K. will probably consider a further devolution of powers.

However, if Salmond and his camp come out victorious, it’s likely they’ll host a huge party.

Would complete sovereignty benefit or hurt the Scots?

Do the English want them to stay in the United Kingdom?

We asked a guest panel of experts these questions and more on this edition of "Inside Story."