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I have been reading this:
Currency is the number one issue in Scottish independence debate
and the posts following the article which argue about how to resolve it.
Does anyone know the SNPs answer to the points raised? Seems fundamental to me that Scottish people should understand what’s at risk and how an independent Scottish Government would deal with it.
First of all Wigwam no politician or Economic or Fiscal expert could possibly make a prediction on what currency they would use without being able to analyze the potential currency in relation to the economy at that time. Secondly I am not going to try and bluff you or anyone else on the forum, my knowledge of the intricacies of Currencies could be written on the back of a small postage stamp. No doubt the Sottish government will have top experts in this field to advise them. The Republic of Ireland for example pegged its currency to the pound for 20 plus years after it gained its independence. Whilst it is important to choose the right currency even more important is the ability to “issue” currency. In effect there is no real Independence unless you are able to issue currency.
That is what the Bank of England is doing at the moment with Quantitive easing. The bank is printing money digitally in order to keep the economy lubricated. Scotland will have to have that ability in order to react if for example the chosen currency comes under pressure. So as to which currency there are many connotations. Without doubt they will have to give an indication of their preferences and I would bet on three possible options. Linking the value of the new currency to the Pound sterling, the Euro, or a completely independent Scottish currency. Like you I will look forward to seeing which option they choose. The fact is the Scottish people will trust the then Scottish government to make the right decision.
If I were a Scot I would be happy to leave this particular intractable problem to the experts!
If I were a Scot I would be happy to leave this particular intractable problem to the experts!
probably best as Scott’s are becoming fewer over the years. https://www.bbc.co.uk/news/uk-scotland-51673123 with only 29 of them in 2019 in Scotland, maybe best to leave it to Jack
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