Independent Scotland in Europe ‘like Greece without the sun’, Nicola Sturgeon warned

Report acknowledges difference in circumstances between countries, but notes striking comparison

(AFP/Getty)

An independent Scotland in Europe would become “like Greece without the sun”, a right-wing think-tank has warned.

The Centre for Policy Studies (CPS) issued a report saying independence for the nation would “entail significant economic risk”.

Following the UK's vote to leave the European Union, Scotland’s first minister, Nicola Sturgeon, said a second referendum was “highly likely”.

Despite the overall UK vote to leave the bloc, Scotland voted firmly to remain in the union, with 62 per cent of the turnout opting to remain.

But the report’s authors, Daniel Mahoney and Tim Knox, warned against Scotland splitting from the rest of the UK so it could stay in the EU, predicting difficult economic times ahead if it did.

Scotland’s high budget deficit, the plummeting expectations of revenue from gas and oil, and the nation’s reliance of the rest of the UK to buy its exports were given as reasons to stay part of the country.

Although they credited Ms Sturgeon’s drive for independence with having “some logic from a democratic standpoint”, they warned the “economic backdrop” to the move was “not encouraging for her”.

Two thirds of Scotland’s exports are within the UK, while just 15 per cent goes to other EU countries.

The report concluded: “Scotland trades over four times more with the rest of the UK compared to other EU countries.

“Why therefore would you break ties with the UK for the purpose of restoring ties with the rest of the EU via European Union membership?”

The think-tank has longstanding connections to the Conservative party and was founded by Margaret Thatcher.

While the report acknowledged the circumstances of Scotland and Greece were not exactly the same, it noted a striking comparison.

“There is a precedent for a small, romantic country, surrounded by hundreds of islands, perched on the extremity of Europe, seeking membership of the Euro: Greece,” the CPS wrote.