The movement for Scottish independence has, once again, become topical. With the United Kingdom (UK) now no longer part of the European Union (EU), in addition to the manner in which COVID-19 is being addressed across the UK, new debates have arisen concerning Scotland’s future. This article will address two aspects of this matter. The first is the applicable law to Scotland becoming an independent state. The second is the economic impact of Scotland becoming an independent state. The key components of constitutional and international law will be distilled to provide an appreciation of the legal context in which the economic factors would likely play out, should Scotland choose to become an independent state. The article then analyses the macroeconomic impact of new states, the findings of which are applied to the Scottish context. The article provides a new insight into the legal and economic implications of the Scottish independence debate, in particular the interdependency between legality and economic stability for Scotland and the UK.