The British Prime Minister and the first Secretary of Scotland have signed document setting the stage for a referendum holding in 2014 that is to decide scotland future. If majority of scottish vote in favour of scotland breaking off to become a country then off it goes.

Can anyone explain in full details the implication if Scotland elects to break from the UK?

If the people of scotland decides to vote in favour of leaving the United Kingdom to be on their own as an Independent state. Then there are bound to be some economic,social,political and security implication for the people of UK, scotland,Europe and the rest of the world.

If scotland leaves the UK it will have to create it own political structure and having it own prime minister. This means scotland will not be taking orders from the government in London. The British Monarch ( presently under queen elizabeth II ) will not have any authority over how the country is governed.

Scotland might want to have its own currency and also choose to join the EU and Schengen.

Scotland might want to have its own security and defence policy independent of the one provided by the UK.

Immigration laws will change as traveller visiting scotland will find out that they have to apply for travel permit through the scottish embassy overseas.

The implication of this break up will have a far wider implication outside the shores of the UK that is around the world. In Nigeria, for example,it will set the stage for proponent of a sovereign national conference to put pressure on the federal government to listen to their demand,

Already, some ethnic group such as Ogoni,Ibo,(massob) people of south south and those on the north east(Boko Haram ) have been calling for true federalism or a state of their own.

2014 also mark 100 years of the amagalmation of northern protectorate with southern protectorate to form one country called Nigeria by Sir Frederick Lord Lugard in 1914. To some Nigerian, this union between northern and southern nigeria by British colonial ruler did not involve the consultation of the people. It was meant to suit the divide and rule policies of the occupying colonial masters. Most observers of events especially people from oil producing states of south south and south east now feel this is the time to sit and talk on the way we can live together based on the principles of fairness, equity and justice. As the people of scotland will be voting in 2014 to decide whether they want to remain a part of the United Kingdom.There is this popular view that now is the time for Nigerians to examine the critical issues that binds us together against our troubled past as a nation and decide a framework under which we all can live peacefully and happily without any ethnic group feeling cheated or oppressed.

To most scots their independence represent a landmark achievement. They feel with Scotland
enormous technical know-how, human capital development and expertise including vast oil and gas resources. They feel capable to live on their own without the rest of the UK.
The break up of scotland will have a strong impact on the UK
Economy and its strong currency the British pound as a vital and supportive region is cutting off to be alone. This fears was expressed in a statement credited to prime minister David Cameron who said Britain need scotland much as scotland need the Britain.
It will also set the tide for other region which make up the United Kingdom that is Wales, Northern Ireland to decide if they still want to remain in the United Kingdom.

In far away Australia, the stage is already being set to decide if the current British Monarchy will remain their ceremonial President. Most Australian feel the British monarch should end her reign over them.

In Nigeria, the people of Bakassi are planning to form their republic as the federal government under goodluck jonathan failed to appeal against the ICJ judgement ceding Bakassi to the republic of Cameron.

This is against the background of event in the far east involving China,Japan,and Taiwan concerning ownership of territory in the south china sea said to be rich in oil and gas. This territorial dispute have resulted in some countries such as Japan sending war ship to the region.
From London UK, thousands of mile down south to Buenos Aires,Argentina in South America. The Argentines will be watching events as it unfolds concerning the scotish referendum. The Argentines will be happy to see Britain break as it has territorial dispute with Britain over the falkland and south georgia. To the Argentines, a troubles and divided UK add some points to their struggle of getting this lost territory.

These is one of the greatest news I have heard in recent times. The motherland can't unite itself and they forcefully merged three different nations together aka Nigeria. This would accelerate the call for our own breakup as well. Long overdue.
The Scotts and Irish do not like the English people. Scotland even believes that most of It's wealth from the North sea is being used to develop England.

Yes I learned the voting has begun. If Scotland breaks away, this will give Aberdeen more visibility. Already it is Europe's oil capital. I love that town