“The political result of the Scottish referendum – the preservation of the Union combined with a commitment by the UK political class to devolve further powers to Scotland – has naturally led to most instant commentary being focused on the political and, more specifically, constitutional consequences.  By contrast, the economic results will have difficulty competing for the attention they deserve – especially what looks likely to be the most tangible economic result: higher taxes in Scotland. This change holds out the interesting prospect of increased competition within the UK as regards the balance between the tax burden and the quality of public services…”