This Thursday, millions of Scots will head to the polls to decide whether to remain part of the United Kingdom.

All residents over the age of 16 will be able to answer the referendum question: “Should Scotland become an independent country?”

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With the latest polls showing increasing support for the ‘Yes’ campaign, the referendum could end the 307-year-old United Kingdom.

What independence would look like

If the referendum is successful, Scotland would remain a constitutional monarchy with the Queen as its head of state, much like Australia.

The Scottish government says that instead of adopting the Euro, the British pound would be retained as the currency of an independent Scotland.

Scotland is also an oil-rich country, and in the event of independence, would get a 90 per cent geographical share of North Sea oil, worth an estimated £6 billion a year.

Many Scots are unhappy with British rule. Photo: Getty

Scotland would also have the right to field its own defence force.

If the vote is successful, independence would not be formalised until early 2016, with the UK parliament needing to approve the referendum and figure out Scotland’s share of UK debt.

The ‘Yes Scotland’ movement

The Yes Scotland pro-independence movement believes that a resource-rich Scotland would be more prosperous as an independent country.

The declaration of the pro-independence movement says that an independent Scotland would speak “with her own voice”.

“We have the opportunity to make our nation a better place to live, for this and future generations. We can build a greener, fairer and more prosperous society that is stronger and more successful than it is today,” says the declaration.

“Being independent means Scotland’s future will be in Scotland’s hands.”

Better Together movement

The Better Together pro-union movement believes that Scotland’s current parliament, which makes decisions on education and healthcare, much like an Australian state parliament, is sufficient enough.

Underpinning the movement is the claim that Scotland will be more economically vulnerable without the financial support it receives from Britain.

“No matter which way you look at it, staying in the UK and keeping the pound as our currency is best for Scottish jobs and businesses,” the Better Together site says.

Many jobs in Scotland are also dependent on British industry and investment.

Scottish First Minister Alex Salmond. Photo: Getty

“Separation would put these jobs at risk by removing Scotland from the strength and security of the UK home market,” they argue.

Key players

Scotland’s First Minister Alex Salmond argues that Scotland should be able to stand on it’s own feet and take part in the international community.

“My ambition is for Scotland to enter the global community of nations – and to participate in that community on a basis of equality, responsibility and friendship,” Mr Salmond said during a speech.

“The Yes campaign’s momentum is now unstoppable – it is a truly inspiring example of grassroots activism in action and there is literally nothing Westminster can do to stop it,” he said.

Meanwhile, United Kingdom Prime Minister David Cameron has begged Scotland to remain part of the UK ‘family’, warning that the vote is irreversible.

“Please don’t mix up the temporary and the permanent,” Mr Cameron said during a speech in Scotland overnight. “Please don’t think: “I’m frustrated with politics right now, so I’ll walk out the door and never come back.”