The Tories and the conservative media would revolt against a Labour government dependent on Scottish MPs for its majority.
Any relocation would be largely symbolic but the Scottish economy desperately needs to be rebalanced.
The challenge for mainstream parties is to express and ground alternative ideas of the English nation and to connect these to a renewed case for the Union.
The Governor of the Bank of England made clear that a successful currency union requires fiscal union, the very thing the Scottish First Minister is in politics to end with the rest of the UK.
A majority would vote for independence if they believed they would be £500 better off, but just 9 per cent of voters think they would be personally wealthier.
The emotive, victory-clutching style of the Yes campaign is at risk of floundering before the cool, hard realities presented by the UK Treasury.
The move reflects the justified belief among investors that Scotland's debt position would be weaker than that of the UK.
The Prime Minister's persistent refusal to debate Salmond will become a running sore and an increasingly dominant aspect of the campaign.
Labour will end the year ahead in the polls, Scotland will reject independence by a double-digit margin and Ed Balls will remain shadow chancellor.
All of the polls continue to show a large double-digit lead for the No side. There is no reason to believe opinion will shift dramatically in the next nine months.