If Scotland had voted Yes instead of No in September 2014, today would have been marked in the diary as the first day of independence.
The Scottish Government would have assumed responsibility for a range of issues currently decided by the UK Government.
But how would the country have fared – and how it is placed today as part of the Union?
The white paper on independence declared: “On the day Scotland becomes independent, the Scottish Parliament and Government will assume responsibility for matters like the economy and welfare, that are currently decided at Westminster.
“The Scottish Government and Parliament will be able to use these powers to do more to improve the quality of life for people across Scotland.”
Revenues from North Sea oil and gas were forecast to “generate approximately £48 billion in tax revenue between 2012-13 and 2017-18, according to the white paper, which based this on an average price of approximately 113 US dollars per barrel. However, the price of oil has plummeted, with a barrel of Brent crude now worth approximately 42 US dollars, although this is up from a low point of 28 US dollars on January 20, 2016.
Today, a political expert said an independent Scotland could have run out of money if the Yes campaign won.
Professor Michael Keating, of the University of Aberdeen, said: “Scotland would have been a quite a different place.
“If Scotland gained independence then we would see Scotland trying to gain entry to the EU while the rest of the UK was faced with a referendum that could see them come out.
“The talk about oil played a large part in the campaign and I think both sides could be blamed for surrounding the referendum on this when a lot of other things needed to be addressed.”
He added: “The Yes campaign failed to make a firm decision about the currency they would use, so I believe that any future referendum should address this, but I am sure the SNP are aware of this.”