Nicola Sturgeon: Economy will decide independence referendum Prof Simon Wren-Lewis, an Oxford University macroeconomist, said he suspected SNP ministers know a separate Scotland would have to adopt a new currency "but want to avoid admitting it before the vote." Stephen King, chief economist at HSBC, said independence would be "a disaster for Scotland, a shrug of the shoulders for everybody else." A series of experts also predicted jobs would move south of the Border and warned of the damage that would be wrought on both the UK and Scottish economies by the uncertainty that would follow a "yes" vote. Support for independence is still languishing at around 30 per cent with less than nine months to go until polling day. Asked whether the pro-independence Yes Scotland campaign needed to be revitalised, Ms Sturgeon said: "I firmly believe who wins the economic argument will win the referendum. Scotland can more than afford to be independent, something that even the No campaign agrees with. We need the powers over the economy to get faster and more sustainable growth into the economy for the long term. She said the separatists" campaign will have a "ruthless focus" on policies such as cutting air improving childcare, although the latter is already under the SNP's control at Holyrood. "It's that message that will turn the debate and win the campaign for Yes," she said. Asked about warnings from senior figures, led by the Chancellor, that the remainder of the UK would not agree to share the pound, Ms Sturgeon said the unionists had to come up with more than "no, you cannae do that." "They cannot continue to put forward propositions that manifestly would be against the interests of the public elsewhere in the UK, because people are not stupid and they don't believe it," she said. But her claims were undermined by the results of the FT survey, which asked experts how they thought a vote for independence would affect the Scottish economy and the rest of the UK. Christopher Pissarides, professor of economics at the London School of Economics, said being part of the Union gives a small economy like Scotland assurance that help will be forthcoming if something goes wrong. "The last thing any Scot should wish is to give up the support potentially available from the UK (England?) for support from the European Union under Germany's rules," he said. Richard Jeffrey, the chief investment officer at Cazenove Capital Management, an eminent firm of fund managers, warned independence "would inevitably create uncertainty" that would damage economic growth. Philip Rush, chief economist at Nomura investment bank, said: "Higher taxes on income would push many wealthy individuals and some companies they work for south of the Border, harming Scotland's economy." Keith Wade, chief economist and strategist at Shroders, said "massive wrangling" between Holyrood and Westminster over tax and spending would be required for a currency union to work "to avoid a rerun of the euro crisis." "When combined with the considerable uncertainty over whether Scotland can remain in the EU, Scottish businesses would start to head south," he said. Ross Walker, UK economist at the global banking and markets division of RBS, admitted to "wrestling" with the independence issue but said: "At heart I am strongly in favour of the Union and believe that maintaining the status quo would ultimately be beneficial for both Scotland and the rest of the UK." Commenting on the findings, Alistair Darling, the leader of the pro-UK Better Together campaign, said they highlighted the "massive" risks of leaving the UK. The former Chancellor added: "The choice we make will not only impact on our own jobs, pensions and savings - our choice will be felt by the generations who follow us."