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The growing constitutional crisis at Westminster and a reawakening of national identity following the Cofiwch Dryweryn mural attacks has put Welsh independence back on the agenda.

This has been a largely emotional response to recent events – driven by wounded national pride and a desire for change at a turbulent time for the UK.

Brexit has also highlighted the impotence of the Welsh Assembly as negotiations over the future EU relationship have largely ignored the devolved nations.

It saw more than 3,000 turn up for an independence march in Cardiff last Saturday,

(Image: LloydCymru)

But is this a purely heart-over-head reaction, and do the hard economic facts pour cold water over the flames of independence?

The answer to that is ‘no’, according to successful businessman Dylan Huws, who built up independent production company Cwmni Da, based in Caernarfon.

He thinks independence would bring long-term economic benefits.

He said: “I believe we can be a strong and successful European nation.

“As a country we need to take responsibility for our own future.

“I think it would give people focus. Our politicians could no longer blame what is happening on London - it is about accountability.

(Image: Daily Post Wales)

“People say the economy is not in the right place for independence.

“They would have said that about Ireland in 1916, but look at the Irish economy now.

“People say Wales is too small but look at Iceland – it has a population of 350,000 and is a strong independent country.

“I have been in Estonia recently and seen how it is flourishing, finding its own feet and going forward with pride.

(Image: Chuck Bastian)

“We have to take the long view on this and take charge of our own destiny. At the moment our future is not in our hands – this has been highlighted in the Brexit negotiations.

“I believe we can do it. We have the talent and we have the drive in this country.

“We can forge our own path.

“We need to at least debate this and start a discourse on our future.

“We get this central UK message which creates insecurities about independence, especially with business, but we need to look beyond the UK at other smaller countries that are flourishing.

“It will be an interesting journey and there will be challenges. But I would rather face them and take responsibilty for our own future.”

Estate agent Dafydd Hardy said he believed independence may bring short-term pain but the country could re-adjust.

He said: “The short term could see a drop in the standard of living in Wales while the country re-adjusted to independence.

“There are countries smaller than Wales that are independent and obviously if you look at Ireland they have been successful, but I think there would be challenges.

“When it comes to property there is the potential that if Wales successfully applied to re-join the EU after Brexit, this could actually increase demand on housing from people who want to move here - impacting on prices.”

Chartered financial planner Trefor Owen-Jones said: “Those in favour of Welsh independence has increased substantially this year.

(Image: Ifor ap Dafydd)

“Campaigners for Welsh independence would probably use Ireland as an example of a poor country that became the Celtic tiger and massively increased the wealth of the country.

“This was achieved largely by attracting many multi-national companies by offering low corporate tax rates, and of course Wales has in the past been able to attract many foreign companies.

“It of course also received significant funding from the EU.

“There are many areas in Wales with difficulties, with many poor regions – Anglesey for example has an average GDP of £15,100 per head compared to Cardiff at £30,400.

“The economy is largely serviced-based with 66% of the economy, compared to 32% manufacturing and 1.5% agriculture, and of course independence would mean many UK Government Departments re-locating back to England.

“Currently Wales sets its own stamp duty rates and is receiving powers to alter income tax rates, but of course an independent Wales would have full powers regarding tax and spending.

“On average, Welsh GDP is only 80% of the UK average – however, Plaid Cymru counter this by saying Wales is richer than half the countries in Europe and most of Asia and South America.

“There would probably be an initial hit to the economy as currently, in addition to the nett £245m received from the EU each year and £4,000m received in infrastructure payment since 2000, under the Barnett formula about £10,000 per person is received from the UK Government.

“The dilemma for an independent Welsh government is that it would need to make up this shortfall in funding but keep taxes low enough to attract business and talent to be based in Wales.

(Image: Andrew Matthews/PA Wire)

“53% of people voted to leave the EU, but ironically as an independent country it would probably benefit even more from membership of the EU, with additional funding for the poorer regions similar to the EU payments to Eastern European countries.

“However, as a new member it would have to adopt the euro as currency and accept EU regulations regarding spending.

“If Wales became independent under the EU you would also have the same problems on the English border as currently causing the difficulties in the Brexit negotiations regarding the Irish border.”

Dr Edward Jones, lecturer in economics at Bangor University, said: “Is Wales too poor to be an independent country? We know that the GVA per capita of many countries, including some in Europe, is lower than that of Wales.

“However, Wales is relatively poor and this would need to be addressed, along with structural and technical issues, before any referendum on independence.

“Wales has a significant imbalance between taxation revenue and government spending. Yet, no country in the world pays its way.

(Image: Daily Post Wales)

“All countries to a greater or lesser extent run a deficit (the annual difference between government taxes and spending) and borrow to balance the books.

“For example, the United States national debt stood at a jaw-dropping 105% of GDP in 2018. This requires realism in accepting that if Wales were to be an independent country there would be a deficit. But the aim should be to reduce it to manageable proportions.

“Accurate data on the Welsh economy, and strengthening of our public institutions, is required to allow a rational discussion on the economics of independence.”

Plaid Cymru’s economy spokesman, AM Rhun ap Iorwerth, said: “Wales can’t afford not to be independent. As a member of the United Kingdom and with Westminster parties in power at the other end of the M4, we are crawling – not just economically, but in terms of education, health, etc.

“They are neglecting us, cancelling the Swansea Tidal Lagoon, cancelling the project to electrify rail lines, and so on.

“As such, independence is a necessity.

“It is also worth noting that the EU has done its part for Wales – we have received millions from the EU, but it has been Westminster who have failed us.

“As an independent nation in Europe, we would receive even more money, cohesion funding, which would be aimed at raising us to a good level of prosperity. Given all that, the economic case for independence is clear.”