The Lords Economic Affairs Committee has criticised the UK and Scottish Governments for failing to be open with Scottish voters about the economic impact of a ‘Yes’ vote to Scottish independence in the 2014 referendum.
“We took evidence from both Governments, other key politicians, a wide range of businessmen, and business organisations, academics and other economic experts. Our Report is based on their evidence.
"Nearly all of them shared our concerns."
"We hope that our report provides a road map for all the key issues – single market, division of assets and liabilities, North Sea oil, currency, taxation and debt, international issues including membership of the EU and defence."
– Lord MacGregor, Chairman, House of Lords Economic Affairs Committee
Independence would "provide Scotland with the opportunity to capture and deliver faster sustainable economic growth, with greater opportunities to tackle key challenges in sustainability and inequality over the long-term", according to a report by The Fiscal Commission Working Group.
It described Scotland as a "wealthy country" which is "on a par with many other successful independent countries".
The panel of experts highlighted a number of key strengths in the Scottish economy, including the energy sector, life sciences, food and drink and tourism.
But it said the country faced a number of challenges "not least tackling the long-term growth gap between Scotland and other comparable countries".
It is clear that over the long-term, Scotland has not completely fulfilled its economic potential.
The government is making its case against Scottish Independence today.
David Cameron is releasing the first in a series of reports, highlighting how the UK and Scotland benefit from the union.
Speaking in an ITV Daybreak interview Stuart Maxwell from the Scottish National Party said the UK Government's report today showed a "breathtaking arrogance" over their "supposed" recognition of Scotland as an equal partner.
Advice on what will happen to Scotland if it became independent from the UK will be published today.
A summary of the report, issued from Downing Street ahead of the publication, revealed that it was an "unusual step" for the Government to publish full legal opinion from experts.
If Scotland became independent, only the remainder of the UK would automatically continue to exercise the same rights, obligations and powers under international law as the UK currently does, and would not have to re-negotiate existing treaties or re-apply for membership of international organisations.
– Government issued summary of the report on Scottish independence
The UK Government will today reveal the advice it has been given on what would happen if Scotland became independent from the rest of the UK.
According to Professors James Crawford and Alan Boyle, who set out their opinions in the paper, Scotland would be treated as a new country, having to renegotiate its relationship with world bodies.
The Scottish Government issued a paper last week, which assuming a Yes vote occurred in autumn 2014, could see negotiations between Scottish ministers and the UK Government, EU and international organisations concluded by March 2016.
Today's publication does not include specific advice from the European Commission on the implications of Scottish independence in the EU.