An independent Scotland would have a per-capita fiscal deficit second only to the USA, the Treasury has calculated.

An Exchequer analysis of external figures suggests Scotland would have a fiscal deficit of 5.5%, equivalent to £9.5bn or £1,760 per head in 2016/17 – a figure only just topped by the US.

The Treasury claims are founded on data published by the International Monetary Fund, the Centre for Public Policy Research think-tank and financial giants Citigroup.